preheat the oven to 325°
grease an 8 inch round cake pan, line with parchment paper for best results
cream the butter and the sugars until light and fluffy
beat in the molasses
then beat in the egg and vanilla
stir the water and buttermilk together, and stir into the sugar mixture, it may look lumpy or split
mix the flour, baking soda, and spices together in a separate bow
add 1/4 cup to the liquids and mix
add the remaining flour, gently stirring just until smooth
scrape into the lined pan and level
bake in the preheated oven for 30-35 minutes or until a toothpick comes out clean
cool on a baking rack for 20 minutes, then release it from the pan
cool completely
to make the frosting beat the cream cheese and the butter until smooth
sift the powder sugar into the bowl, stir until smooth
thin down with just enough vanilla to make a soft and spreadable frosting
put some frosting onto a serving plate or cake stand
put the cake on the frosting
spread a thick layer of frosting over the top of the cake leaving the sides bare