Soak almonds in hot water for 15 minutes and peel the skin and grind the almonds to a paste adding half a cup of water.
Bring the milk to a boil in a heavy bottomed vessel and add the sugar and almond paste and then on low heat keep stirring once in awhile till the milk is reduced to 3/4th of its quantity. Ensure that you stir so that it will not burn.
Add the crushed cardamom, soaked saffron and stir well.Turn off heat. Garnish with almonds and serve hot/chilled.