Cryptic crossword clue
Company stationery perhaps, one allowing varied shade 11

The most common and most likely answer to this crossword clue is the 11 letter word LETTERHEADS

L
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Buddy explains!

The straight part
We know that "Company stationery perhaps" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case company stationery perhaps = letterheads.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does LETTERHEADS mean?

LETTERHEADS noun
  1. A portion of text at the top of a letter, identifying the sender and often giving their address etc., used for formal correspondence.
  2. Paper marked with a letterhead.

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