Heat your deep fryer to 365°F. Whisk together the flour, sugar, baking powder, salt and nutmeg in a large bowl. Whisk the eggs, bananas and vanilla together in a separate bowl. Pour the wet into the dry and stir gently until just mixed.
Drop heaping tablespoons of the batter into the hot oil and fry until golden brown. They will float to the surface when they are done. Flip them so they fry evenly. Drain on paper towels until ready to serve.
Serve with caramel sauce for dipping.
Pour the water into a saucepan then pour the sugar in a pile in the middle of the water. Turn the heat to medium-high heat and begin cooking without stirring. The sugar will dissolve in the water and begin to boil. The water will evaporate, leaving behind a pure sugar syrup that will then begin to rise in temperature, past the boiling point of water, and into the flavour zone. When the sugar begins to lightly brown here and there, gently swirl the pan until all of the sugar is a deep golden brown. Carefully pour in the cream and vanilla and whisk until smooth. Cool until thickened or serve hot!