Hi Taz, close, I will give you 9/10 for most of the words, but your translation doesn't actually make sense in the context it was used in reply to the 'accusation' against Pete
Sorry, no rhyming slang involved, more a mix of old London terms with a touch of industrial Midlands let's say abbreviation of words.
Now I have given a hint I'll let you all worry a bit longer, ain't I a good 'un !