Grid references always refer to squares.
SE 078 046 is a grid reference that specifies a 100-metre by 100-metre square.
SE 0785 0465 is a grid reference that specifies a 10-metre by 10-metre square, roughly in the middle of the 100-metre square SE 078 046.
SE 07855 04655 is a grid reference that specifies a 1-metre by 1-metre square, roughly in the middle of the 10-metre square SE 0785 0465.
So if you want to make a waymark from grid ref SE 078 046 you can choose to put your waymark in the middle of the 100-metre square (SE 07855 04655), at the bottom-left of the 100-metre square (SE 07800 04600), at the top-right of the 100-metre square (SE 07899 04699) etc. etc.
Hope that makes sense
Martin
Martin Harvey