Prepping the Dough: In a bowl, whisk together the flour, yeast, and caster sugar. Add in the egg yolks and mix well. Gradually pour in the milk and butter while mixing continuously. Form the mixture into a round dough. Cover with a kitchen towel and set aside in a warm area, allowing it to rise for about 2 hours.

Shaping the Donuts: Once the dough has doubled, lightly dust a surface with flour. Roll out the dough and use a round cutter to create donut shapes. For the classic donut hole, use a ¾ inch cutter in the center of each round.

Frying: Heat your preferred frying oil in a deep frying pan or fryer. Once hot, gently place 1-2 donuts in the oil. Fry for about 2 minutes on each side, or until they're a golden brown. Remove and place on a plate lined with paper towels to drain excess oil.

Icing and Decorating: For the icing, gently mix the icing sugar and water until smooth. Drizzle or dip each donut into the glaze, then immediately sprinkle with the orange, pink, and white sprinkles.