Combine butter, honey and sugar and bring to a boil, stirring. Cool. Combine flour with baking powder, ground almonds, spices, eggs, lemon and orange peel, mix well.
Add honey mixture and knead until smooth dough forms (dough should be soft, add a little flour if needed). Cover and refrigerate for about 1 hour. Press dough onto greased baking dish and smooth. Brush with cream and mark 4 cm (approximately 1 1/2 inch) squares on cake surface. Decorate each square with 4 almonds and 1 cherry.
Bake in preheated cake at 180°C (approximatley 350°F) for about 35 minutes or until light brown. Remove from oven and cool slightly, remove from pan and cut out marked squares. Place on cake plate and serve.