simple method.
use a step down transformer and bring the 240V to a lower level. and using resistor dividers , feed it to the adc of the microcontroller.
and for current measurement just use a CT and you have the current.
then its just substituion in the equation to know the power.
Its easy,
Use transformer for best isolation and conversion of voltages to low rang and use ADC to measure your voltage.
but you need to make a lookup table for translating ADC values to voltages scaled from 240 to 5-10 volts by transformer.
Not that easy without those specific ICs. cameo_2007 you are a advance member how can you suggest this type of incomplete solution. Fiann says "the watt meter I'm building will be a stand-alone product" He will have to measure p.f. (power factor) also to know wattage.