That's pretty much as I read it too, the only thing to watch is that the TMG time is in a TMG and not an SLMG.
Apart from the 150nm QXC, the PPL(SEP) course includes radio navigation hours and instrument flight (appreciation) time. I'm not sure that the two latter items are included in NPPL training, which may explain why the PPL(A) TMG only rating would apply. Originally, an NPPL holder would be credited with up to 30hrs towards the 45hrs required for a JAA PPL, so that may also explain the 'TMG only' restriction.
The only fly in the ointment is that, as far as I am aware, the LAPL does not yet exist in the real world - for example there is no reference to it on the NPPL web site - so you may have only one option at the moment in the shape of EASA PPL(A) TMG only. EASA flavour licences will only be issued after 1st July 2012 so there's some time to go before that option is available.
Unless of course somebody has more up to date information . . . . .