Preheat the oven to 350 degrees F (175 degrees C). Grease and line a 9-inch cake round with parchment paper. Set aside.
In a standing mixer or using a hand mixer, mix the Butter (1/4 cup), Brown Sugar (1 cup), and Vanilla Extract (1 teaspoon) until light and fluffy. Add in the Egg (1) and mix just until combined.
In a medium bowl, whisk the All-Purpose Flour (1 1/2 cup), Baking Soda (1 teaspoon), Salt (1/2 teaspoon), Ground Cinnamon (1/2 teaspoon), Ground Nutmeg (1/2 teaspoon), and Ground Cloves (1/4 teaspoon).
Add to the butter mixture and mix until just incorporated. Stream in the Buttermilk (1 cup) while mixing on low.
Once combined, pour into the prepared baking dish and bake for 30 minutes or until the center comes out clean when inserted with a toothpick.
In a medium bowl, beat the Butter (1/2 cup), Molasses (1 teaspoon), and Powdered Confectioners Sugar (1 cup) together until smooth, add in the Cream (1 tablespoon) and beat until light and fluffy, about 2 minutes.
Once the cake has completely cooled, dollop the frosting onto the top of the cake and spread evenly on the top.