Long time lurker, first time poster. I'm not really a prepper, or a bushcrafter or even a camper. In fact, apart from a camping trip at school (a looooong time ago) I have never done anything even remotely like this! However I like the idea of having a bug out bag, just in case. As such I have been putting some kit together for a while and decided it was time to test some of it out!
I have done all of this on a budget so I mainly have a mix of army surplus kit and poundshop finds! (Many of which were inspired by this forum...thanks!)
This photo shows the main elements of my kit:

In that picture there is a cheap and cheerful 8x10 tarp. The back side is staked down using poundshop steel tent pegs. The front is held down with poundshop bungees with carabiners. The ridge line is just a length of 550. The hammock is a DD hammock, the one that zips open so you can climb inside and is probably the newest and most expensive item at about £25 IIRC. Inside the hammock is a Czech Army Bedroll.
The rucksack pictured bottom left is a Swedish L35. It holds a ton of stuff and the external frame keeps it quite comfortable to carry. I have a bad back so I have to be pretty careful with the weight aspect of it. The other bag is a £5, vaguely vintagey, armyish looking bag that is carrying my water, food and cook kit.

My cook kit is a mix and match set of a Swedish and possibly East German trangia style army surplus stove with a couple of modifications. I cut down the windshield so the billy can fits in it better and shortened the handle on the frying pan/lid. I also reshaped the oval windshield to fit the kidney shaped mess kit. It is pretty efficient in terms of "time to boil" but it does get through the old meths! Seeing as I am a clumsy bugger (more of that later) I also picked up a cheap pair of welding gloves so I don't burn myself!
Other poundshop items which proved invaluable include a reasonably large ground sheet which I used after taking my boots off. Glowsticks, one of which I used and which gave enough light to read by, to help navigate back to the shelter in the dark, and which was still glowing, albeit faintly 12 hours later. A 1mx1m tarp (actually from Tesco but still £1) which I piled my gear on. A poundshop headlamp came in very handy packing up my kit at 5am!
Other than that I took a tin of Brasso in case I decided to go for a camp fire but I just used the stove. I took a toolkit full of various cutting tools, gaffa tape, cable ties, emergency whistle, etc. etc. None of which got used. I also took a Mora... not sure which one, the 3.2mm blade carbon one with the grey handle if that helps?
I also took a decent, home assembled first aid kit. Thus proved invaluable as one of the first things I did was to lean against a tree and puncture a hole in my hand. Told you I was clumsy! Sooo much blood! Luckily I had plenty of antibacterial wipes and plasters etc. so managed to get myself sorted out quite quickly.
So what did I learn?
Well I survived overnight on a clear night, reportedly down to 8°C with a light frost. I was cold but not dangerously so. And the main reason I was cold is that I found it practically impossible to get into the Czech bedroll while swinging around in a hammock, the motion of which made me feel seasick at times! So for most of the night my legs were in the bedroll and I had a bit of it pulled around my shoulders as best as I could. I was wearing a few layers but I could have put my coat on if I was worried. I tried wearing a hat but my head soon got too sweaty and uncomfortable.
I also was a lot thirstier than I imagined. I took a 2l bottle of water and drank nearly half of it. I would have drank more but I got fed up with having to get up for a wee every hour!
The kit overall is a bit heavy. The rucsack weight in at about 22lbs I think and I also carried my food bag and my bedroll. I had enough water and food to stay out another night if I absolutely had too.
TL:DR;
All of my poundshop gear worked admirably. I managed to set up my shelter exactly how I had planned and in a matter of minutes. I used more water than I thought.
Hopefully you won't be too deterred by the length of the post and have found it interesting. Happy to answer questions of any of the kit mentioned.
Thanks.