How does it actually fold? Hard to advise if we don't have a clear picture of what you're dealing with.

What's the weight? If I'm looking up the right bike on Argos, you got a steel-framed folding bike. Doesn't mention what the wheels are made of. Are they chrome?

What's the weight of the pedals? Do they fold at all? If they do and the weight is slight, then why change them, just for the profile, especially if the bike is heavy.

Can you wheel the bike around when folded? If you can, then you may want to reconsider changing the wheels if you don't have to constantly carry it.

Whatever changes you do, price it out first. You don't want to spend money to make a cheap bike less cheap. Sooooo....even if you can get a handlebar that can fold a little neater, if you can't carry the folder around comfortably because of the weight, then what's the point of changing them.