Cryptic crossword clue
Final flag hoisted above ship’s stern, done in desperation at the eleventh hour 4-4

The most common and most likely answer to this crossword clue is the 4 plus 4 letter word LAST GASP

I've seen this crossword clue in The Guardian
L
A
S
T
G
A
S
P


Buddy explains!

The straight part
We know that "done in desperation at the eleventh hour" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case done in desperation at the eleventh hour = last gasp.
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 LAST GASP mean?

LAST GASP adjective
  1. Happening at the very end of an event.

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