Prepare the pan and apples

• Preheat the oven to 350 °F (175 °C).
• Line a high-sided 9-inch round cake pan with parchment paper cut to fit and grease with cooking spray.
• Arrange the apple wedges in concentric circles over the bottom of the pan, shingling any remaining slices in the center.

Make the caramel

• In a saucepan, combine the granulated sugar with the water.
• Cook over medium-high heat, shaking the pan as needed, until an amber caramel forms.
• Immediately pour the caramel over the apples in an even layer.

Brown the butter

• In another saucepan, melt the butter over medium heat.
• Cook, stirring continuously, until browned and nutty in aroma.
• Pour the melted butter into a heatproof large bowl and let cool slightly.

Make the wet mixture

• Whisk the honey, buttermilk, eggs, brown sugar and vanilla into the browned butter until smooth.

Combine the dry ingredients

• In a medium bowl, whisk together the flour, salt, cinnamon, nutmeg, baking powder and baking soda.

Make the batter

• Add the dry ingredients to the wet ingredients and fold until just incorporated.
• Pour the batter over the caramel-coated apples.

Bake the cake

• Bake until the top is golden and a toothpick inserted into the center comes out clean.

Cool and invert

• Let cool in the pan for 15 minutes, then run a paring knife around the edge of the cake.
• Place a plate over the cake pan and invert them together, then lift off the pan and remove the parchment.

Serve

• Let the cake cool slightly, then serve warm.
• Top with whipped cream and drizzle with honey, if desired.