It's not really possible to upgrade to disc brakes, which would be much needed. You have no mount at the rear, nor on your forks. Adaptors don't work very well. You could exchange your forks for disc ones and have just a front disc, which night be enough, but by the time you've bought them, new wheels/hubs and a headset, it might be cheaper to get a whole new donjor bike and transfer everything over.
Unless you're going for an ultra light weight build, I'd always advise people to start with a disc brake frame and forks.
Tyres are easy. fit Schwalbe Marathon Plus and forget about punctures,
Lights: Get a removable rechargeable front light from Ebay with a single Cree T6 emitter or higher. the ones with a blue ring light around them are really good. The back light isn't so important. the ones with laser lines are really good for a couple of quid as long as you don't break the bracket when adjusting its angle.
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Red 2 Laser LED Novelty Flashing Lamp Warning 5 LED Safety Light Rear Cycling. The LED indicators and laser beams have 4 flashing modes. Bicycle mount fits approx. Long press the LED button for 2 seconds to turn on/off the 5 indicator lights; then press LED button once to switch lighting mode (4...
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Mudguards: Anything from SKS, like Beaver-tails. About £13 a pair.
Mirror: Zefal Cyclops is the best I've ever used by far. Hunt around to find one less than £10
Save 10% - Zefal Cyclop Mirror £11.69 or available with 0% APR finance on baskets over £99. All Mirrors are delivered free to the UK mainland*, 365 day returns & Price Match. Buy Now.
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Helmet: Look for a skateboard/snowboard one rather than a cycling helmet if you don't want to look like a twat. Aldi does them from time to time.
If you're looking at brakes, wheels, derailleur and forks, look for a new (different) donor bike that already has what you want. Halfords Carrera bikes aren't bad. You should be able to get one with hydraulic disc brakes for £100 to £150.
