In a small bowl, sprinkle the powdered gelatin over the cold water. Let it sit for about 5-10 minutes to bloom.

In a medium saucepan, combine the heavy cream, whole milk, sugar, honey, and thyme leaves. Place over medium heat and bring to a gentle simmer, stirring occasionally. Do not boil.

Remove from heat. Add the bloomed gelatin to the warm cream mixture and stir until completely dissolved.

Pour the mixture through a fine-mesh sieve into a bowl or measuring cup.

Pour the strained mixture evenly into individual serving dishes or ramekins.

Cover and refrigerate for at least 4 hours, or preferably overnight, to set completely.