Preheat oven to 180 C / Gas 4. Grease and flour one 23cm tube cake tin.
Cream butter and sugar together. Add eggs one at time. Beating with an electric mixture on medium speed.
Mix together flour, bicarbonate of soda, baking powder and salt. With electric beaters on low speed add flour mixture alternately with soured cream to butter mixture, ending with flour mix (do not overbeat). Stir in 1 teaspoon almond extract.
Spread half of the batter in the bottom of the tin. Top with half of the cranberry sauce. Repeat. Sprinkle over flaked almonds.
Bake in preheated oven for 50 minutes. Allow cake to cool in tin slightly before transferring to a wire rack.
Meanwhile, make the icing. Mix together icing sugar, warm water and 1/2 teaspoon almond extract. Drizzle over the cake.