A few years ago there was a journal in Poland – ‘Wyścig Przygód’ (‘Adventure race’ or ‘Race of the adventures’ ???). The journal was made in cooperation with Lego. The small beach ball was a promotional item from one of the issues of the journal.

The ring with eight studs mounted under the ball is a separate part – a ring from the Lego watch.)

‘Zabawa – Fakty – …’ means ‘entertainment – facts – …’. I dont remember the last word now, and the balloon is now 200km from my place at the exhibition in the Toys Museum in Kielce, flowing over the amazing city layout we’ve built during the last weekend. (Photo presentation will soon be ready)
Yes, I am Polish.

V1 (or Noddy)

@DekoPuma: It looks like one word says ‘zabawi’, and another -might- say ‘fakty’(??) I can’t make out anything beyond that though, not even enough for more uneducated guesswork.

Both words would then be Polish (And I think Noddy is Polish, so that makes sense). The ‘zabawi’ word seems especially appropiate in relation to LEGO playtime.

PL-EN dictionary listings for those words:
http://www.dict.pl/dict?word=zabawi&words=&lang=EN
http://www.dict.pl/dict?word=fakty&words=&lang=EN

So perhaps someone over at Klocki or a passing-by Polish LEGO fan can tell us where the ball came from. (Or Noddy himself of course!)