For cake:

1. Preheat oven to 350°F.
2. In a large bowl, mix together water, carrots, apple sauce, egg, and honey. Once mixed together, add the mashed bananas.
3. In a separate bowl, mix flour, baking powder, and cinnamon.
4. Combine dry and wet mixture and mix thoroughly.
5. Spoon into cupcake tins (lined with cupcake papers) about 3/4 full. Handy tip: Spray inside the paper liner with a bit on nonstick spray (Pam) or lightly coat with butter. Otherwise the cupcake will stick to the liner. I learned this the hard way
6. Bake for about 30 minutes or until a toothpick inserted in the centre of a cupcake comes out clean.
7. Cool cupcakes on rack before frosting.

For Icing:

8. Beat cream cheese, peanut butter, and honey until smooth.
9. When cupcakes are cooled, ice with mixture.