Are there any limits on what I can do while riding on an M1 licence?

Yes, you must have a zero blood-alcohol level at all times when riding, ride only during daylight hours (half an hour before sunrise to half an hour after sunset), wear an approved helmet, not drive on roads with speed limits in excess of 80 km/h (except highways 11, 17, 61, 69, 71, 101, 102, 144 and 655) and you may not carry passengers.