Pour water and heavy cream into a glass measuring cup and heat in the microwave for 15 seconds just to warm it. Do not make this too hot, just warm to the touch.
Add warmed water to bowl of a stand mixer and add in vanilla bean paste.
Measure all dry ingredients into a bowl and give it a quick stir with a whisk to aerate the flour mixture.
Gently pour all dry ingredients into the bowl of your stand mixer.
Place the dough hook onto your mixer and mix on low speed until the ingredients are slightly incorporated.
Stop the mixer and add in the Hi-Ratio shortening.
Turn the mixer back on and continue mixing on medium/low speed for 5 minutes.
If the dough looks wet or too sticky, add in a scant handful of flour to the dough until it begins to come away from the bowl walls, yet stays stuck to the dough hook.
Dust your rolling surface with a little flour and scrape out the dough onto your surface.
Gently kneed the dough for a few passes.
Clean out your mixing bowl and wipe it down with a little oil or it can be sprayed with cooking oil. This is just a small enough amount to keep the dough moist.
Turn the dough ball in the oil to coat all sides and cover your bowl with plastic wrap and a kitchen towel.
Walk away from your mixing bowl and let the yeast do it's magic! Through the science of baking, your dough is going to double in size. Are you excited!!
Once the dough is doubled in size, take off the towel and plastic wrap. It may start to deflate on it's own or you can gently work out some of the air.
You are now ready to start rolling out your dough and cutting it into the shapes you want.
Dust your surface lightly with flour and roll the dough to 1/4-1/2" thickness. Using a cutter, create the shape donuts you want.
Allow your donuts to rise in a draft-free place such as your oven until they are about 3/4".
Heat oil in a fryer to 375 degrees. Place a few donuts in the hot oil and cook until beautiful golden color. Flip the donuts and cook on the other side.
When donuts are done, remove from oil and place them onto paper towels. Allow the paper towels to soak up any excess oil while they cool.
Dip donuts in glaze and/or the topping of your choice.