Combine the butter and sugar in a mixer. Whip until light and fluffy. Drizzle in honey and continue to whip. Add egg yolks one at a time. Add vanilla extract, flour, baking soda, cinnamon, nutmeg, walnuts and carrot. Continue mixing until combined.
Pour batter into parchment-lined or heavily buttered loaf pan. Bake for about 40 minutes. Check if done by inserting a toothpick into the middle of cake. When it comes out clean, remove from oven.
Let cake rest until cooled.
Cream Cheese Frosting
Combine cream cheese, honey and vanilla in a mixer until light and fluffy. Remove cake from pan and spread frosting on top – garnish with walnuts and orange zest.