Add the water, apple cider, Worcestershire, balsamic vinegar, tomato sauce and chilli to a bowl and combine the ingredients. Pour into the bag and seal. Turning the bag several times to coat meat. Let stand 20 minutes or in the fridge for 2 hours, turning occasionally.
Heat a large skillet or bbq grill that has been coated with cooking spray over medium heat. Remove beef from marinade, reserving marinade. Season beef with salt and black pepper.
Cook in the skillet or on the bbq for about 12 minutes, turning once, or until desired doneness. Remove to a cutting board and cover to rest.
Add marinade and honey to the skillet or a small pot over a medium heat. Whisk to combine and bring to a boiling. Reduce the heat to a low simmer and cook for 5-6 minutes, uncovered and reduced the liquid by 1/3.
Serve the glaze with steak with your choice of sides. It also works well with some crumbed feta or blue cheese over the glaze on the steak.