Okay so here sthe latest ...
Been holding off buying a new regulator untiul I am absolutely sure that it needs to be replaced. This morning I did a few checks before replacing the lightbulb and found the following:
Ignition on (Engine not running) volatage at 14.8v
Engine running voltage at 14.8v
Then thought I'd check all wiring and founds that all earths were still good. Unplugged and reconnected R/R connectors, small amount of oxidation on front plug pins but nothing horrible. Traced cables toward ECM and found that one of the sets of cables just behind the air duct and just after the connector furtherest from the R/R was rubbing against the rear cylinder. Ran my finger along the cable as visibility is not existent and it felt like it had worn through (this will only be confirmed when I strip the cable out for an full inspection) so have loosely cable tied the cable against the engine brace for now. Rechecked the output before installing the lightbulb and got ...
Ignition on (Engine not running) volatage at 13.8v
Engine running voltage at 15v
Also have not had the usual CEL today ..... yet. Hoping that has solved the problem but only time will tell, so wish me luck. If that has sorted the problem then the problem is going to be caused by either a cable short (if the insulation has been breached) to the back of the motor or a bad plug connection due to slight oxidation. My money is on a cable short to be honest but as mentioned I wont know until I can properly inspect the back of the cable
That said, if I pop another lightbulb then the R/R must go along with 127 of my quids.