Prepare the Cake Batter:

1. Preheat the Oven: Begin by preheating your oven to 350°F (175°C). Line two 8-inch round cake pans with parchment paper and lightly grease the sides to prevent sticking.

2. Mix the Dry Ingredients: In a large bowl, sift together the flour, malted milk powder, baking powder, baking soda, and salt. Sifting ensures the dry ingredients are evenly distributed, and the cake will rise evenly.

3. Cream the Butter and Sugar: In another large mixing bowl, beat the softened butter and granulated sugar together using an electric mixer on medium speed. Continue to mix for about 3-4 minutes until the mixture becomes light and fluffy. This step is essential for achieving a light texture in the cake.

4. Add the Eggs and Extracts: Add the eggs, one at a time, to the butter-sugar mixture, mixing well after each addition. Stir in the vanilla extract and almond extract (if using) until fully combined. The extracts will help enhance the overall flavor profile.

5. Combine Dry and Wet Ingredients: Gradually add the dry ingredients to the wet ingredients in batches, alternating with the milk. Begin and end with the dry ingredients. Mix until just combined, making sure not to overmix the batter to keep the cake light and fluffy.

6. Ensure Smoothness: Once the batter is combined, scrape down the sides of the bowl and stir the batter gently with a spatula to ensure no dry flour remains. The batter should be smooth and slightly thick.

Bake the Malted Vanilla Cake:

7. Transfer the Batter to Pans: Divide the batter evenly between the two prepared cake pans. Use a spatula to smooth the tops so that the batter is level in each pan.

8. Bake the Cake: Place the pans in the preheated oven and bake for 30-35 minutes, or until a toothpick inserted into the center of the cakes comes out clean or with a few moist crumbs. Keep an eye on the cakes as baking times can vary depending on your oven.

9. Cool the Cakes: Once baked, remove the cakes from the oven and let them cool in the pans for 10-15 minutes. Then, transfer the cakes to a wire rack to cool completely. This prevents them from becoming soggy and allows them to firm up.

Prepare the Frosting:

10. Make the Frosting: For the frosting, beat the heavy cream (or dairy-free cream) with a tablespoon of malted milk powder until soft peaks form. If you want a thicker consistency, you can add powdered sugar to taste. You can also whip in a bit of vanilla extract to enhance the flavor.

Assemble the Cake:

11. Frost the Cake: Once the cakes have cooled completely, spread a generous amount of frosting on top of one layer of the cake. Place the second cake layer on top and frost the entire cake with the remaining frosting. If desired, garnish with a sprinkle of extra malted milk powder for an extra malt flavor boost.

Cut and Serve:

12. Cut into Slices: Once the frosting is applied, slice the cake into pieces and serve. The cake is best enjoyed when it has set for about 30 minutes after frosting, allowing the flavors to meld together.