Im hoping to use the current wheelset from the Absolut on my new build, but the rear wheel is a bolt through axle.

Is it possible to get this converted to a standard QR axle or am I looking at a new hub? I dont know what brand the hub is, it has no markings (that I can see anyway)

Second, Im lacking a few essential tools to do the job and have found Draper toolkits going cheap on ebay (Circa £30) which include a few of the tools I need (chainwhip, BB tool etc). Worth it or utter crap?

It's really not possible to answer, beyond surmise, your hub question without knowing which hub you have.

Tools: buy decent tools once; buy cheap tools as often as they cease to be useful.

buying cheap tools can be a waste of money, but not everyone has the cash to buy all decent tools to begin with.
I bought one of these 4 or so years ago, and though I've replaced the allen keys & chain tool, all the rest still works – chain whip, BB & cassette adapters & hub/pedal spanners (don't try and use them on your pedals though)

But I would recommend buying some decent Allen keys, I've the Halford professional range (£20) & it saved me loads of hassle, as I no longer round bolt heads off…

Just had a good look at the hub and the only marking I can find on it is HA just under one of the spokes.

Its looking like a whole new back wheel might be in order as this one has a flatspot in it.

Thanks for the advice on the tool front. I wish I could afford the likes of Park tools but Im going to have to settle for slightly cheaper gear as I could do with getting a workstand as well 🙁

I got one of the basic kits from Lidl and ive got to say its been great, and saved me more than it cost. If stuff does break I can replace it as needed.

Halfords for tools. often cheap, but useful kit.

Draper stuff is OK IME.