In a saucepan over medium heat, combine milk, cream, condensed milk, cinnamon stick, cardamom pods and bay leaves and simmer gently for 5–7 minutes, stirring occasionally.
Slice the Madeira cake into thick pieces and place them in a serving tray or deep dish, ensuring the base is snug but not overcrowded.
While the milk is still warm (but not hot), pour it evenly over the cake slices. Let the cake absorb the milk for at least 1–2 hours in the fridge, or overnight for best results.
Just before serving, sprinkle with chopped pistachios or almonds.
