Melt the fat and let it cool down. Wash 1 lime, grate dry and finely grate the peel. Mix flour, baking powder, 175 g sugar, lime zest and grated coconut. Mix eggs, fat and coconut milk well.
Mix the dry ingredients with the egg mixture well. Grease a wreath shape (26 cm Ø) and sprinkle with flour. Pour in the dough. Bake in the preheated oven (electric cooker: 175 °C/ convection oven: 150 °C/ gas: level 2) for approx. 45 minutes.
In the meantime, squeeze the limes (must result in 100 ml). Bring juice, 175 g sugar and 5 tablespoons of water to the boil. Let it boil down at medium heat for about 5 minutes. Take the cake out of the oven and let it rest in the mould for about 5 minutes.
Turn onto a cake rack, turn it over and prick it several times with a wooden skewer. Soak the cake in the warm syrup and let it cool down. Decorate the cake with cherries, coconut chips, lime slices and grated coconut.