Put the cream and stock in a small pan and boil. Until it is reduced by half then season to taste.
Drain the asparagus, divide it into 4 equal sized bundles. Roll each bundle in a slice of ham. Place in a buttered oven proof dish. Pour the reduced mixture over the top and sprinkle with grated cheese.
Bake in a preheated oven at 400ºF - gas 6 - for 20 to 25 mins until bubbling and golden brown. Serve immediately