For the caramel: Add the sugar and water to a pan. Gently shake to ensure all the sugar is wet and place on the heat.
Cook the sugar on medium heat, watching it carefully but do not stir. Once it reaches a golden caramel color, be very careful as this stage happens quickly. You can gently swirl the pan to help control the caramelization process.
Once it reaches a deep amber color, carefully pour the caramel into the mold and let it cool.
For the custard: In a bowl, whisk the eggs and sugar together until well combined.
Add the milk and cream, and whisk to incorporate. You can also add vanilla at this stage.
Strain the egg mixture to ensure a smooth texture, then pour it over the cooled caramel.
Place the filled mold in a larger baking dish filled with hot water. Cover with parchment paper or foil.
Bake at 150°C (300°F) for 55 minutes, until the edges are set and the center is slightly jiggly.
Allow the custard to cool completely, preferably overnight in the fridge.
To unmold, run a knife along the edges and invert the custard onto a plate.
