It means little, honey (4)
I believe the answer is:
baby
'honey' is the definition.
(I've seen this before)
I cannot understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for baby that I've seen before include "Small child" , "Darling" , "Mollycoddle" , "This 13 [SPICE]" , "Newly-born child" .)