1. Preheat oven to 325°F (160°C).2. Make the caramel: In a saucepan, cook the sugar and water over medium heat, until it is a dark golden brown. Divide the caramel among 4 ramekins. Set aside.3. Make the custard: In a small saucepan combine milk and sugar. Heat the milk until the sugar has dissolved, do not boil.4. In a heatproof bowl whisk eggs and vanilla extract. Gradually pout hot milk, while constantly whisking. Sieve.5. Pour the custard into prepared ramekins, place the ramekins in a large roasting tray (water bath). Carefully add the boiling water into the tray until it is halfway up the sides of the ramekins.6. Bakr for about 40-45 minutes, or until lightly golden. Remove from oven, let cool to room temperature, then refrigerate for at least 2 hours.7. Before serving run a knife around the ramekins, invert and serve cold.Notes:
Instead 4 ramekins you can use one 7-inch (18cm) round cake pan.