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Whisk flour, sugar, baking powder, and salt together in a large bowl. Grate the frozen butter using a box grater. Add it to the flour mixture and combine with a pastry cutter, two forks, or your fingers until the mixture comes together in pea-sized crumbs. See video above for a closer look at the texture. Place in the refrigerator or freezer as you mix the wet ingredients together.
Whisk 1/2 cup heavy cream, the egg, vanilla extract, and almond extract together in a small bowl. Drizzle over the flour mixture, add the chocolate chips, white chocolate chips, and sprinkles, then mix together until everything appears moistened.
Pour onto the counter and, with floured hands, work dough into a ball as best you can. Dough will be sticky. If it’s too sticky, add a little more flour. If it seems too dry, add 1-2 more Tablespoons heavy cream. Press into an 8-inch disc and, with a sharp knife or bench scraper, cut into 8 wedges. To make smaller scones, press dough into two 5-inch discs and cut each into 8 equal wedges.
Brush scones with remaining heavy cream. (You can do this before or after refrigerating in the next step.)
Place scones on a plate or lined baking sheet (if your fridge has space!) and refrigerate for at least 15 minutes.
Meanwhile, preheat oven to 400°F (204°C).
Line 1 or 2 large baking sheets with parchment paper or silicone baking mat(s). If making mini scones, use 2 baking sheets. After refrigerating, arrange scones 2-3 inches apart on the prepared baking sheet(s).
Bake the larger scones for 20-25 minutes or until lightly browned. If you made 16 smaller scones, bake for 18-20 minutes or until lightly browned. Remove from the oven and allow to cool for a few minutes as you prepare the icing.
Whisk the icing ingredients together. Add little more confectioners’ sugar to thicken or more milk/cream to thin out. Taste and add a pinch of salt if desired. Dunk each warm scone in the icing or drizzle on top. You can finish the scones with a few more sprinkles on top, too.
Leftover iced or un-iced scones keep well at room temperature for 2 days or in the refrigerator for 5 days.