Sift together cake flour, granulated sugar, baking powder, and salt.
Stir in vanilla, egg, buttermilk, and melted butter until just mixed (do not overmix).
Bake at 425 degrees for 4-5 minutes (watch carefully to not overbake).
Let sit to cool before popping out.
Unwrap caramels and place in microwave-safe bowl with milk and 1/4 teaspoon salt. Microwave at 25-second intervals, stirring in between until fully melted.
Carefully dip doughnuts into caramel and set on parchment paper. Top quickly with toasted coconut.
Drizzle chocolate over doughnuts.
Let cool and serve!
