Warm the heavy cream in a small saucepan over low heat. (You’ll want to slightly warm the cream to prevent curdling when itis added to the hot liquid).
Add the sugar and water to a heavy-bottomed oven-safe saucepan and stir to combine. Set spoon aside and do not stir the sugar mixture again. Bring mixture to a boil over medium-high heat. If sugar crystals remain on the sides of the pan, gently brush them back down with a moistened silicon baking brush.
Continue boiling until the mixture turns a nice amber color. Do not overcook. If mixture gets too dark at this stage, you will need to start over. If a dark spot forms on one side due to uneven heating, lift the pan and gently swirl until the color is even again. Return pan to the burner and reduce heat when the desired color is achieved.
Slowly whisk in the warmed cream until thoroughly incorporated. Be very careful while doing so because the sugar mixture will be extremely hot and will bubble up when the cooler cream is added.
Remove from heat and add butter. Stir with a clean spoon until butter is totally incorporated into the mixture. Cool and store in airtight containers in the refrigerator for up to 5 days.