Sift the dry ingredients together.
Form a well in the centre of the dry ingredients and gradually add the water while mixing until a smooth batter is formed.
Mixture should be thick, but must be of a pouring consistency.
Cover and allow to rest in a warm place for 20 minutes or until mixture has doubled in volume.
Grease 2 - 3 egg rings with some of the butter.
Heat the remaining butter in a heavy-based frying pan.
Place the rings in the pan and fill rings with batter to 2/3 of capacity
Cook slowly over a low heat for 3 - 4 minutes or until bubbles form on the top and crumpets become firm.
Remove rings and flip crumpets over.
Cook for another 1 - 3 minutes.
Remove from pan.
Repeat with remaining mixture.
Butter lightly and serve with preserves.