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It does sound like a worn engine.
Blue smoke on acceleration will be piston rings.
High HC, high CO, are also signs inefficient combustion from lower than minimum spec compression.
To pass MOT, you would need to have the engine rebuilt or replaced.
I can't see your engine, but I've seen this many times, especially the smaller engines these days.
Hope this helps.
Do you need any further help?
I hope my advice has been of assistance to you.