First off, I have to say I wouldn't touch Microdirect with a ten foot pole, they are, in my opinion, untrustworthy.
Consider Scan; Kustom PC's; Chillblast; E-Buyer; Aria and OCUK.
The first item you have listed is marked as a PSU and links to a CPU - which is it?
If it's a PSU you are not going to get one to compliment your proposed system for £48.00.
If it is the CPU, is this the one you already have? If it isn't, if you're spending £1400.00 on a system I'd consider something better.
The memory is good.
The SSD is good, I assume you'll be putting the OS on that?
A case is a personal choice but I wouldn't spend that much on a case myself.
The 2 x 1Tb HDD's are overpriced. You can get better value on those elsewhere. HDD's are much a muchness, WD is ok, but I'd go for Hitachi or Samsung myself, but not a biggie.
Let me get this right. You're shelling out all that money and you're spending around £100.00 on the two most influential components for your system - the motherboard and the CPU? I think you have your priorities wrong but maybe that's just me.
Sound card is good.
DVDRW is good.
I have no experience of Blu Ray optical drives in computers so will refrain from commenting.
Graphics card is fair but you could do better.Again, pricing in the budget is out of proportion.
Samsung, LG & Dell knock spots off of Iiyama LCD monitors and they're cheaper too.
You don't need to spend that much on a speaker system. A logitech system priced between £70.00 & £120.00 is fine, just fine. Every bit as good, possibly better.
Oh, there's the PSU - That is complete and utter crap. After the motherboard the PSU is the most critical component in a system. Look at the Corsair range between 500 & 650 Watts at least and reckon on paying between 75 and 100 pounds.
I think you need to prioritise your componets. First, cloose quality motherboard, CPU, memory, PSU and graphics card.
Then look at what's left of your budget and allocate funds apropiately.
And welcome to the forum by the way