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Pre-heat the oven to 160°C/325°F. Grease a 10 inch or Bundt pan generously with cooking spray and set aside.
Cream together the butter and sugar at high speed in a stand mixture until it’s fluffy and starting to look white, about 3 minutes. Then add the condensed milk and mix for another minute.
Stir in the eggs, a little at a time, beating the mixture well between each addition. Sift in the flour and baking powder into the batter, and then add the grated lime zest& juice, nutmeg, and vanilla extract.
Stir well until everything is fully combined. Scrape down the sides of the mixing bowl.
Pour batter into a greased cake pan. Tap pan on work surface to eliminate any air
Bake at 325 degrees F until tester inserted into the center comes out clean, about 45–50minutes. Transfer to a wire rack.
Sprinkle cake with powdered sugar and serve with whipped cream and strawberries.