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How can I waterproof a balcony floor?

I have a block and beam balcony which forms part of the roof for a room below. I need to waterproof this block and beam floor so that I don't get leaks into the room below. I have 5" of height to existing floor level from the top of the block and beam and insulation has to be included.
I am happy to screed in cement / lay a membrane etc but I'm looking for proven solutions which will last.
There's no parapet and a 'fall' will be built into any floor screed.
David H, August 2010
The best solution and proven covering would be mastic asphalt laid to a falling screed level.
I would then put 300x300 promenade tiles on top to give protection to the asphalt.

Mark, August 2010