Okay, so i'm looking for 3 cheap microphones that'll be used to record guitar, bass and vocals. I need something cheap, but something that will give nice results.

Looking to spend around £100 on just the microphones, excluding stand and cable etc.
at that price you'll struggle to get 3 mics, what are you recording into? Bass guitar can be recorded via D.I and produce pro results. If you scout around you could probably pick up a second hand sm57 & sm58 for a less than £150
For recording vocals, having good preamps matters A LOT. Assuming you have good preamps, a (used) Shure SM58 or some cheap condenser mic can produce decent results.

DI the bass as said above. For recording guitar, I've only ever heard of a Shure SM57 being used for that so you could look for a used one of them. I personally record guitar via DI and use amp simulation so I wouldn't really know about recording guitar with mics and real amps.
Have a look at Red5 Audio


You can get 4 of their RVD30's for £99. They aren't by any means the best mics in the world, but they are better for the money than most of the competition.

http://www.youtube.com/watch?v=4qCVyRgYrH0 - This is a video I just found of a guitar recorded with one. Admittedly a very nice guitar with an equally nice amp, but for £25 you can't complain at that quality!
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Just buy a good cheap condenser mic for vocals (like an AT2020) and use amp sims for your Guitar & Bass. I don't recommend micing an amp when starting since most people micing amps expect to get pro results straight from a SM57 though it requires a lot of mixing to get that sound.
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