Last sheep & goat go round the meadow to the fold (5)
I believe the answer is:
pleat
'the fold' is the definition.
(pleat is a kind of fold)
'last sheep goat go round the meadow' is the wordplay.
'last' suggests the final letters.
'go round' is an insertion indicator.
'the meadow' becomes 'lea' (I've seen this before).
The last letters of 'sheep goat' are 'pt'.
'pt' placed around 'lea' is 'PLEAT'.
'to' acts as a link.
(Other definitions for pleat that I've seen before include "Crease" , "Fold sewn or pressed into cloth" , "Fold pressed or stitched into cloth" , "Fold in a skirt" , "Flat fold of cloth" .)