Beat together the eggs, egg yolk, single cream and 2 tablespoons of the sherry in a bowl. Transfer to a shallow bowl, then dip in the bread slices until they have absorbed the liquid and are soft.
Melt a little of the butter in a nonstick frying pan, add the bread in batches and cook for about 5 minutes, turning once. Remove from the pan and keep warm while you cook the remaining slices.
Stir together the remaining sherry and sugar in a bowl until the sugar has dissolved. Add the double cream and whip until soft peaks form.
Place the toast on serving plates. Serve with dollops of the sherry cream drizzled with the honey.