On about one close to time lord (5)
I believe the answer is:
liege
'lord' is the definition.
(I have seen 'Feudal lord' mean 'liege' so perhaps 'lord' could also mean 'liege')
'on about one close to' is the wordplay.
I cannot really see how this works, but
'one' could be 'li' (I've seen this in other clues) and 'li' is located in the answer.
This may be the basis of clue (or it may be nonsense).
'time' acts as a link.
Can you help me to learn more?
(Other definitions for liege that I've seen before include "Belgian city - master - servant" , "Loyal subject" , "Owing feudal allegiance" , "Belgian city or feudal chief" , "Feudal (lord); vassal" .)