On the other hand, an on-bike repair kit will be a much smarter selection of tools that you are most likely to need. You should figure out the type of screws that are fitted on your bike and the things that are most likely to go wrong on a ride. Address only these things so as not to burden yourself too much with unnecessary stuff. Moreover, there are bike repair kits used on long rides and those used on shorter rides. The longer the ride, the more tools, and spare parts you will have to bring unless you want to have a very long hike back home.
Keychain style flashlight or headlamp, LED type, not incandescent: The keychain style is tiny and lightweight, the headlamp style is a bit bulkier but easier to use. You can get these for a couple of bucks or less at the local big box hardware store. The LED ones are lighter, more durable and last considerably longer. Very useful if you need to make a repair after dark! I keep a keychain style one as a backup as I normally have a headlamp in my backpack.
Spare tube: Sometimes, a tube is just too damaged to be patched, or has had a failure such as the valve stem breaking off which isn’t something that can be patched. To save weight and space, I usually keep a lightweight version of the right size tube for my bike. Since one of the first things I do with most bikes that I own is switch them over to heavy-duty thorn resistant tubes, I just take one of the originals and put that in the toolkit.
Brakes come in a variety of designs depending on the age and style of your bike. Rim brakes offer more modulation but have less stopping power, so are more suited to riding on the roads. Disc brakes can provide huge amounts of stopping power so are best suited to off road riding, although ‘V’ rim brakes are also well suited to mountain biking. All brakes use a friction system to stop the movement of the wheel, so regular checks of the contact pads should form part of your regular cycle maintenance.