The most common and most likely answer to this crossword clue is the 5 letter word TARDY
I've seen this crossword clue in The Guardian
T
A
R
D
Y
More clues leading to the result TARDY
Buddy explains!

The straight part
We know that "Late" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case late = tardy.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 TARDY mean?
TARDY noun- A piece of paper given to students who are late to class.
- An instance of a student being marked as tardy by a teacher in his or her attendance sheet.
- To make tardy.
- Late; overdue or delayed.
- Moving with a slow pace or motion; not swift.
- Ineffectual; slow-witted, slow to act, or dull.
- Unwary; unready (especially in the phrase take (someone) tardy).
- Criminal; guilty.