Lovely slice, last of cake (4)
I believe the answer is:
cute
'lovely' is the definition.
(both can mean attractive or adorable)
'slice last of cake' is the wordplay.
'slice' becomes 'cut' (synonyms).
'last of' says to take the final letters.
The final letter of 'cake' is 'e'.
'cut'+'e'='CUTE'
(Other definitions for cute that I've seen before include "Location" , "Small and attractive - cunning" , "winning" , "Smart" , "Delightfully pretty or dainty" .)