Norseman
It's crucial that you take Paul's advice. The Part P regulations form part of the Building Regulations and consequently have statutory status. (You can be prosecuted if you contravene them.) The amount of electrical installation work you can do yourself is very limited - for anything in the kitchen, bathroom or outdoors, you need to inform the local council and they will charge for inspecting any work you do - making it cheaper to employ an electrician in the first place! (I speak from experience!)
If your shed is well earthed, it means that an electrical fault is very likely to blow a fuse or trip a breaker. If, however, you make contact with a live wire and also with something that is well earthed, you will stand a good chance of being electrocuted. Depending on which path through the body the current flows, it takes relatively few milliamps to kill you! Remember the old maxim: "It's volts wot jolts but it's mills wot kills".
Using an extension lead in your shed won't contravene any regulations but, as Paul says, RCD protection will limit any current flowing through you to 20mA.
Mike