Looks like it contains almost everything you need, with the exception of a fuel tester and a headset.
If you want to save yourself a bit of money, you can view JAR-FCL online, and I have never needed a study CD - although I bought the AFE books and I don't know how much the Oxford books rely on the CD being present for review questions and such.
You can also leave out the flight bag and just stuff everything in your favorite backpack. In fact, you'll find the more you fly the less you bring so the smaller the bag you need. But if you do get a bag make sure it's a long-lasting one, and this one does seem a bit cheap. It also doesn't seem to have a separate headset pocket.
Flight logs are very personal. Most of us make up our own, or use whatever the school prefers/provides. Pencils can be bought cheaper at Tescos and I don't understand why you would need three plotters: all you need is something which gives you angles and something which gives you distance in nm at the scale of your chart. But with those items we're talking mere pounds.
Looking at what's currently in my flight bag, you might consider some extra bits and pieces. Not strictly needed right now but if you're looking for Christmas presents, or want to save on postage...
- Headset and fuel tester as mentioned
- Safety vest (required at more and more airports)
- Some sort of torch/flashlight (I have the AA mini maglite and a Petzl Tactikka plus)
- A VFR flight guide (has the details on all the airports), for instance AFE or Bottlang
- A cheap digital watch with big numbers, set to UTC. If it has a chrono or countdown timer, even better.