Preheat the oven to 350 degrees and prepare an 8-inch square baking pan by greasing and flouring it. In a mixing bowl, beat the butter, coconut extract, and sugar until the mixture becomes light and fluffy.
Next, add the eggs one at a time, making sure to mix until fully incorporated.
In another bowl, combine self-rising flour and coconut flakes. Add flour and coconut mix, and buttermilk alternately until combined. If using a mixer, use it on the lowest setting.
Add batter to the prepared pan. Bake for 50-55 minutes or until golden brown and the top springs back when touched. Remove cake from oven and set aside to cool. Make sure the cake is cooled completely before frosting.
Once the cake is cooled, remove it from the pan and spread the coconut buttercream over the top. Finally, sprinkle ¼ cup of coconut flakes on top for garnish.