Floating leaf (4,3)
'floating leaf' is the definition.
(I've seen this before)
This is all the clue.
(Other definitions for lily pad that I've seen before include "Leaf (on which frog may float?)" , "Frog's floating home?" , "One floating" , "Leaf of flowering aquatic plant" , "Frog's seat on a pond?" .)
(Another definition for lilypad that I've seen is " Leaf (on which frog may float?)".)