what you're describing are the Fairey freewheel hubs. What you have to do is to unscrew the small screw and if you look carefully you should see a little nylon ring in there. Hook it out with a small screwdriver and you should find it has a long tail which goes all the way around the edge of the hub. As you pull it out the aluminium cap of the hub will spring off so be careful! When you get the cap off the rest is pretty self evident. 'Refitting is reverse of removal'
Hope that helps
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