I think I have the same engine in my 2001 Skoda Octavia 1.4 16 75ps.
1)The noise could be hydraulic tappets - especially if the oil level is lowish
2)More likely is a bit of piston slap - these engines have extremely shallow pistons and can be prone to this whilst warming up (They are shallow/lightweight to increase efficiency )
Mine has had a touch of this for years(I've owned from new) - but now is 16 years old and has over 120,000 miles on it
NB these engines really like higher octane fuel as they are prone to pinking that can rattle the pistons and cause bore /piston issues (I've fed mine Shell Optimax/Tesco Momentum for many years)
A friend of my son turned up in a Seat Ibiza with the same engine and it made the same noise
PS If it ever starts burning oil clear out the oil breather assemblies - especially pipe/mushroom valve running through the air filter. Oil /moisture condenses forming oil mayo that blocks the pipe inside the air filter causing crankcase pressure that blows oil past the oil valve seals - common issue with low mileage cars. The oil module on the back of the engine can gunge up as well , or the pip from the air filter to this can rot.
At 16 years old and over 120,000 miles still running well and burning very little oil - ie I wouldn't worry about it but I would feed it higher octane petrol and ensure oil is changed frequently. Cam belt is strictly 40k miles or 4 years
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