The most common and most likely answer to this crossword clue is the 4 plus 7 letter word GIFT WRAPPED
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Buddy explains!
The straight part
We know that "In its present form" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case in its present form = gift wrapped.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 GIFT WRAPPED mean?
GIFT WRAPPED verb- To wrap something in decorative wrappings prior to presenting it as a gift