In a heavy saucepan, combine the sugar, water and honey over medium heat; stir until the sugar dissolves. Turn up the heat to medium-high and cook without stirring, swirling the pan occasionally, for about 10 minutes or until the mixture turns a deep amber colour. If you like, you could wash down the sides of the pan with a pastry brush dipped in cold water.

(Some recipes call for butter at this point - if you like, stir in about 1/4 cup.) Turn the heat down to low and carefully stir in the cream (it will splatter) until smooth.

Serve warm or refrigerate - rewarm in a saucepan over low heat, or in the microwave.