Meatballs
Preheat oven to 400°F (205°C) or prepare a large skillet for stovetop cooking.
In a large bowl, combine breadcrumbs and milk. Let soak for 1 minute.
Add ground beef, onion, egg, allspice, nutmeg, garlic powder, salt, and pepper.
Mix gently just until combined—do not overmix.
Roll into 1-inch meatballs and set aside.
Heat butter in a large skillet over medium heat.
Brown meatballs in batches, turning gently, for 6–8 minutes until golden and cooked through.
Remove meatballs and set aside.
Gravy
In the same skillet, melt butter over medium heat.
Whisk in flour and cook for 1 minute.
Slowly add beef broth, whisking constantly until smooth.
Stir in heavy cream and simmer until thickened.
Return meatballs to the skillet and simmer gently for 5–10 minutes.