Sounds good to me. The price of discs and pads can vary quite a lot from car to car. Shouldn't really take the garage more than an hour to fit so £40 for labour max is fair. Then component costs vary.
Yes that is a good price. You definitely wont get it much cheaper. It isnt likely that they will be factory parts, more likely to be 3rd party. Doesnt matter though. Its a good deal.
I've just put on new discs and some new pads (non mx5 ones) - and now they've bedded in, it feels like a different car. Definitely worth it, especially if they are well worn.
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