For what you're paying you're getting an extremely nice starter bass that you'd most likely pay around ?200+ for in another music shop.
The neck on my one is flawless and very playable, the finishing on the fretboard and frets is also excellent. The tuning heads are of a decent quality and I can't tell yet whether I'll have to put something like a set of Schaller's on it.
The body of the bass is beautifully finished and extremely light. As for the pickup and electronics, they're functional. Obviously it's not going to sound like a thousand euro bass, but for the price you pay you're really getting a lot for under ?80.
I plan on replacing the pickup with a Seymour Duncan P-Bass pickup, but for the absolute beginner there's not a thing wrong with the stock pickup and the shielding appears excellent.
In short, if you have a measly ?79 in your account and were thinking of giving the bass a try then spend it on this before you waste your money on something that won't last a 1/100th of the time that this bass will last you.