Batches can and do vary in ABV. Even the most exacting brewer will have variations from batch to batch.
Materials are a large variable. Mated barley, even from the same maltster, can have slight variations in starch content and/or enzymes, leading to variations in wort strength.
Variations in mash temperature can cause one wort to be more fermentable than another, meaning a variation in final gravity, hence alcohol content.
Fermentation temperature and yeast viability can be a factor too, but that is unlikely in a well run brewery.
The large mega-brewers blend batches and add sterile water to achieve absolute consistency from keg to keg, but it is a rare mico that is set up for that.
As far as trading standards goes; the beer can be 0.2%ABV either side of the stated ABV, so a beer that is down as 4.3%ABV may be as low as 4.1%ABV or as high as 4.5%ABV.
Whether microbreweries stray outside that, I do not know, but I strongly suspect that the macro brewers, with their ability to achieve precisely the ABV they are looking for, are consistently 0.2%ABV below the stated amount. I have no evidence to back up this suspicion, but it seems like a no brainer from a business standpoint. If you have a beer at 4.3% and you can legally water it down to 4.1%, while telling people it's 4.3%, then you get to sell more beer for the same outlay.