Combine the water, honey, and sugar in a medium heavy saucepan and stir to combine. Cook over medium-high heat, without stirring, until the sugar has turned a deep amber color, about 6 - 8 minutes depending upon your batch size.

Meanwhile, warm the cream in a small saucepan – do not allow it to get too hot.

When the caramel is ready, carefully whisk in the warmed cream and pull from heat. Add in the butter and salt, and stir until smooth. Bring to room temperature to serve. Store refrigerated for up to 2 weeks.