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Hard to go wrong for £25!
Check Sheldon Brown, he covers the problems you'll encounter and his cribsheets are useful references.
The actual building of a bike is pretty straightforward, what will catch you out are the different standards & sizes of parts and their compatibility.
Search the Current Projects sub-forum for terms such as "conversion" or "first" etc: you'll find plenty of threads that cover what you're doing.
You can also start your own thread to document the build and ask specific questions.
I am looking at buying a Milk Race on Friday seems abit of a bargin at £25 just looking for some adviceon converting if anyone can help. First atempt at a fixed gear so all help would be greatly appriciated.