Set the oven to preheat in 370° f. Now in a pan caramelize the sugar till you get a nice reddish colour on medium to low flame. Once sugar is caramelized, pour it in a baking pan of your desired shape and spread it to cover the whole pan. Let it cool down to room temperature. 

In a mixing bowl, add whipping cream, condensed milk, egg and vanilla essence and blend well till all ingredients mix properly. Don't over blend. Now, pour the mixer on top of the caramel spread. 

In another baking pan (has to be bigger then the flan making pan) pour water. Now, place the flan baking pan in the other pan with water (water should be filled till half of the flan pan) and put it inside your preheated oven. Bake it for 40 min (times may vary 5-10 mins, depending on your oven). Insert a toothpick to check whether it's done. If the toothpick comes out clean, then it's done. If it's not clean, then bake for another 5 min. Your flan is ready. Serve chilled.