Add the water and sugar to a heavy bottomed pan.You cant sauce or mix it with a spoon once its on the gas.The sugar has to be left alone so it can caramelise.
After about 6-7 minutes you will see the sugar changing colour.This stage is critical and it can turn from caramelised to brunt in no time so be attentive.There might be bubbles on top which will look white but the bottom will be browning for sure.You can swirl the whole pan if you want without really disturbing the caramel in the pan.
After about 1 minute-i.e. around 8 minutes into cooking the sugar will acquire the right colour.You should add the cream now.