That's pretty much what I had when my Lambda sensor was going off, the emissions system is sending the wrong signal back to the ECU and usually ends up dumping more fuel in. Mine also showed up as excessive hydrocarbons on the MOT.
I did have one thought though, you said you have had it since you got the gearbox replaced? Have they forgot to plug it back in, or perhaps damaged the wires? From memory bank 1 is the pre cat sensor, which means it's located somewhere between the engine block and the cat. I don't know exactly where as it'll vary between car models. But I reckon it's vulnerable to a heavy handed gearbox swap.