In a small saucepan, melt the butter over medium heat. Continue to simmer until the butter caramelises, scraping the solids from the base of the pan using a wooden spoon. Continue to simmer until the butter turns a deep brown colour, then remove from the heat and carefully dip the base of the pan in a bowl of cold water. This will prevent the butter from cooking too far. Once cooled, store in the refrigerator until needed.
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