Well guys, the prophets of doom were right. Even I can read a volt meter and make a diagnosis on the back of its results.
I checked the battery with engine off and it read a happy 12 volts. Engine on and the reading hit a lowly 7.6 volts. According to everything I've read on the matter, that just should not be the reading if the alternator is healthy. Wanting to be absolutely sure, I gave my wife the signal to turn on headlights, heater, radio, etc and rev the engine so that I could take another reading and expect a result around the 14 volt mark. At the first move, turning on the headlights brought the engine to an immediate stop. Oh dear!
So before you ask, no, we didn't get to testing the regulator, or the charge across different sections of wire/battery/alternator. The car is now stuck back out in the drive (we had to take it out of the garage to avoid poisoning ourselves when testing with the engine on!) as it won't start.
Looks like I'm going to have to get the alternator, or at least the regulator out of there and see about having it fixed. The helpful suggestions about taking the bits down to a friendly local electrical store were great, but being stuck here in the Netherlands raises a bit of a communication problem. At the moment, best bet looks like asking a friend to collect an alternator for me whilst they're in England in 10 days time. On that point, is buying a 2nd hand alternator from a trusted Volvo breaker a bad idea or worth a shot for the significant cost saving?
Tim