My mate tested with a multimeter and it was showing 12.7v with the engine off and 14.3v with the engine running so it was charging ok, but it was only sending a small voltage to the light (can't remember what it was now!). The alternator was stripped down and we found the problem. A piece of solder had come away from the connector, so it was re-soldered and the jobs a good un' - light now works and goes off as it should:
Here's a picture of the menace piece - it was the little gold bit that had come away from the larger piece:
