Pancake -- declines cold one (4,5)
I believe the answer is:
drop scone
'pancake' is the definition.
(another name for a Scotch pancake)
'declines cold one' is the wordplay.
'declines' becomes 'drops' (dropping is a kind of declining).
'cold' becomes 'c' (eg on taps).
'drops'+'c'+'one'='DROP-SCONE'
(Other definitions for drop scone that I've seen before include "Scotch pancake" , "cake" , "Small and thick pancake" , "Girdlecake" , "Eating" .)