Breaking that down into parts:

CPU: FX-62 = £548.62
O/S: Windows XP Media 2005 = £73.09
Case/PSU: £44.64 + £75.48
Motherboard: Asus M2N32-SLi = £122.26
RAM: 2GB DDR2-900 = £230.77
HDDs: 2 * 300GB SATA = £122.68
DVD: Sony dual-layer = £20.77
Graphics: 1GB nVidia 7950GX2 = £316.08
Monitor: 20" Viewsonic TFT = £250.15
Sound: X-Fi Xtreme (OEM) = £56.58
Speakers: Inspire T7900 = £64.27
KB/Mouse: Logitech cordless kb/mouse = £28.61

Total = £1954 (so, all in all, not a bad price considering they've probably used more decent parts than some of the ones I priced there).