For the squid, pour the vegetable oil into a deep, heavy-bottomed saucepan and heat until a small cube of bread sizzles and turns golden when dropped into it. (CAUTION: hot oil can be dangerous. Do not leave unattended.)
Place the chilli flakes, sea salt and cornflour into a small bowl and mix together. Add enough sparkling water to the mixture to make a batter the consistency of single cream and mix until smooth.
Dip the squid rings into the batter and shake off the excess. Carefully place the battered squid into the hot oil and deep fry for 1-2 minutes, or until golden-brown. Remove the squid from the oil with a slotted spoon and drain on kitchen paper.
For the dipping sauce, place all of the ingredients into a small bowl and mix to combine.
To serve, pile the squid onto a plate, pour the sauce into a small dipping bowl and garnish with fresh parsley.