Thank you Phil and Derek .
Yes the water line is a strip of blonde wood , lime I think. Saves having to paint a line on. The line is not totally horizontal but rises slight approaching the bow.
I did not like the sound of Le Tonkinois varnish, it originates from China. For my sins I have got on order a tin of Epifanes Yacht Varnish, it is a Dutch product and sold by Marinestore Chandlery not a true varnish but better. I will of course do a few sample pieces but from it's write up it is the best thing since sliced bread.