Pre-heat the oven to 160C (350F) fan-forced and line two 12-hole muffin tins with liners.
In a large bowl, whisk together the flour, baking soda, baking powder, salt, cinnamon and nutmeg.
In another bowl, combine the mashed bananas, milk and vanilla.
In the bowl of an electric mixer, beat the butter, brown sugar and caster sugar until light and fluffy.
Add the eggs, one at a time and beat just until they are mixed in.
Alternating between the dry and wet ingredients, mix in a third of the dry then a third of the wet and repeat until everything is mixed in.
Divide the batter between the cupcake cases.
Bake for 18 minutes or until a cake tester inserted in the middle of a cupcake comes out clean.
Leave to rest in the tin for 5 minutes then transfer to a wire rack to cool completely.
Meanwhile make the icing.
Beat the honey, butter and cinnamon together until light and then slowly add the icing sugar.
Continue to beat until the icing is light and fluffy.
When the cakes are cooled, spread or pipe the icing on top.
Store in an airtight container.