If 500w runs the computer, I'm just curious if the PSU is good itself as its cheap enough. I've a very tight budget so don't recommend anything expensive. If this PSU will do the trick let me know. Thanks.
Yes, but the 12v rails at 14 and 13 amps are marginal. If you ever add a high end video card, I would upgrade to a ps with at least 40 amps on a single 12v rail. I recommend this one instead: http://www.amazon.co.uk/Zalman-ZM500-GS-Two-Forward-Swi.... It's money well spent; a good value among name brand power supplies. You're spending twice as much on your video card; it needs a good branded ps for better stability.
I would not recommend using the ACE brand PSU, if only because I can find no independant reviews of the PSU. As O1die pointed out, you want a quality PSU in your machine, O1die's suggested PSU would be a much better choice.