In small saucepan, combine the water, polenta, butter, and a pinch of salt and allow to stand for 10 minutes. Bring the mixture to the boil over high heat, stirring constantly. Reduce the heat to medium-low and cook, stirring frequently, until a spoon leaves a line when drawn through the mixture, 12 to 15 minutes.
Preheat oven to 180 C / Gas 4.
Pour the polenta over your preferred chillli in a baking dish. Allow it to cool and firm up for 15 minutes.
Sprinkle the paprika over the polenta then bake until the polenta is golden on top, 20 to 25 minutes.