Some people take this whole "never use a cheap psu" thing far to literally. They make them for a reason, they come with a 12 months warranty. If they all blew up after 20 seconds of use then OcUK wouldn't sell them in the first place.
While I totally agree you should never use a cheap PSU with any sort of components you value. For testing a few LED's and some Hardrives, optical drives. Then it will be absolutely perfect and do the job nicely. Buying a branded 550W PSU to test an LED is borderline lunacy IMO.
Get yourself a £6.99 PSU to test your fans.
I've used OcUK cheap psu's in many of my older, less valuable builds for years and never had an issue at all. If it did happen to blow up and for some reason it took out everything with it, it wouldn't be an issue.
When you see people using £20 PSU's with a £600 gaming pc running gtx 570's off it. This is the opposite end of the lunatic scale. A major no no.
So to conclude my jibberish.
For running cheapo old computers - £20 PSU is fine
For running a gaming machine with quality components - get a branded PSU with a high efficiency rating, Antec, Seasonic, Corsair etc
For testing LED's - The cheapest PSU you can source will be great!