Company, time for bed (3)
I believe the answer is:
cot
'bed' is the definition.
(cot is a kind of bed)
'company time' is the wordplay.
'company' becomes 'co' (abbreviation).
'time' becomes 't'.
'co'+'t'='COT'
'for' acts as a link.
(Other definitions for cot that I've seen before include "Baby's bed" , "Baby bed" , "Folding bed - fingerstall" , "Small bed with high sides" , "Small boat to hold a baby" .)