Preheat the oven to 350°F. Line a 9 x 13-inch baking pan with parchment paper.

In the bowl of a stand mixer fitted with the paddle attachment, add the cake flour, cane sugar, baking powder, and fine sea salt and mix on low for 2 to 3 rotations to combine the dry ingredients.

Add the applesauce, coconut oil, heavy whipping cream, and coconut milk and mix on low until combined into a smooth batter. Transfer to the prepared baking pan.

Bake for 40 to 45 minutes, or until a toothpick inserted in the center comes out clean. Allow to cool completely in the pan.

To make the frosting: In the bowl of a stand mixer fitted with the paddle attachment, add the butter, powdered sugar, coconut milk, and coconut extract. Mix on low until combined, then speed mixer up to high for 1 minute or until light and fluffy.

Transfer the frosting to the cake and spread evenly over the top. Sprinkle the top with fine shredded coconut, you can do the whole top or just a boarder, whatever you prefer.