Place the water and stock powder into a saucepan and bring to boil.
Stir in the polenta and bring to boil, stirring with a whisk until smooth.
Turn down the heat and simmer covered, for 5 - 8 minutes for quick cooking or longer for regular polenta. (Let the instructions on the pack guide you as it may be 15 minutes in some cases or up to 30 - 40 minutes in other.)
Stir the polenta from time to time while cooking until the mixture becomes quite thick and completely cooked and palatable.
Stir in the cream and cheese and adjust seasoning. Sprinkle with a little more cheese and black pepper just before serving.