Just tried to boot my pi zero up for the first time and nothing happens apart from a very hot spot occurring where the red ring is in the picture. Any help would be greatly appreciated.
Hmm that doesn't sound good. Just to make sure: There's no SD card in the SD card Slot on your picture. Did you boot with a working system or a fresh NOOBS card?
You can download NOOBS here: https://www.raspberrypi.org/downloads/noobs/
And here's a tutorial on how to copy the files to an SD card: https://learn.adafruit.com/adafruit-raspberry-pi-lesson-1-preparing-and-sd-card-for-your-raspberry-pi/overview
Please make sure that you have a working sd card or try one or our NOOBS cards from the shop.