Heat oil in deep fryer or a large saucepan over the stove to 375F.
In a large bowl, sift together the flour, sugar, baking powder, cinnamon, nutmeg and salt. Add melted butter and stir until crumbly. Stir in the milk and egg. Use your hands to knead the dough until everything is fully incorporated.
On a lightly floured surface, roll out the dough until it’s about 1/4 inch thick. Use two round biscuit cutters of different sizes (or the martini shaker lid and cap) to cut out the donut shapes.
Carefully drop into the hot oil, about 3 at a time. Flip donuts after 3 minutes and continue frying. Remove when both sides are golden brown and place on a paper towel to drain the grease.
For the almond glaze and topping
In a medium-sized bowl, whisk together the powdered sugar, almond extract and salt. Add 1 Tbsp. heavy cream and whisk to combine. Add additional tablespoon if glaze is too thick.
Dip cooled doughnuts into almond glaze, then place on a wire rack.
Top with your favorite cereal. I used Lucky Charms, Fruit Loops and Cinnamon Toast Crunch.