Preheat the oven to 350 F/ 180 C (Gas Mark 4). Lightly grease the dessert baking mould with butter and keep it aside.
Start by making the Caramel: In a heavy bottom pan add ¼ cup of sugar and swirl the pan to help it to melt down. Turn the stove knob to medium heat.
Let the caramel come to a boil and allow it to bubble up until it turns golden or dark brown depending on the colour you want. Reduce the heat to medium low. Keep swirling the pan, but do not stir which results in a sticky caramel.
Switch off the flame and remove it from the stove.
Pour the caramel in to a greased baking mould, tilt the pan, so that the caramel gets evenly coated on the base and sides of the mould and keep aside. Let it settle by cooling.
To make the Custard: In a large bowl beat the eggs (with yolk) with an egg beater till fluffy.
Add in sweetened condensed milk and mix well with an immersion blender.
To this add milk, sugar and vanilla essence one after the other and blend well until sugar is completely blended with eggs.
Strain this Custard mixture through a sieve to remove undissolved egg white strands and to remove bubbles, so that we get smooth texture custard.
Pour the custard mixture in to the baking mould.
Cover the mould with an aluminium foil or with grease proof paper. If you want you can tie it firmly with a string.
In the meantime, keep a pan on the stove with water for boiling.
Now prepare a hot water bath (Bain Marie method) – Take a bigger pan or any other oven safe tray and fill half way with steaming hot water.
Now place the baking mould carefully in to the hot water tray (be very careful at this stage) and slide in to the oven. The hot water should be up to one third of the baking mould.
Bake at 350 F for 45 – 50 minutes or until a knife inserted in the center comes out clean. If it is not done you will have to cook it for some more time. The texture of the caramel custard should be wiggly at this stage.
Remove the dessert mould from the oven carefully and cool on wire rack.
Let it cool for half an hour. Wrap it with a plastic sheet and refrigerate it for around two hours.
For serving: Now the un moulding part- release the sides (between pudding and dessert pan edge) with a knife and place the serving plate on top of the mould and holding the custard pan carefully invert it.
Serve warm or chilled. Enjoy this yummy feast.