Flags prepared, raised round Ireland (5)
I believe the answer is:
tires
'flags' is the definition.
(I've seen this in another clue)
'prepared raised round ireland' is the wordplay.
'prepared' becomes 'set' (I've seen this in another clue).
'raised' is a reversal indicator (going up in a down clue).
'round' means one lot of letters goes inside another.
'ireland' becomes 'ir' (abbreviation for Ireland).
'set' in reverse letter order is 'tes'.
'tes' placed around 'ir' is 'TIRES'.
(Other definitions for tires that I've seen before include "Becomes weary and in need of rest" , "Grows weary of rites" , "Exhausts" , "Weakens" , "Wearies" .)