Saw one located in shot (5)
I believe the answer is:
spied
'saw' is the definition.
(to spy is to see or observe)
'one located in shot' is the wordplay.
I cannot quite understand how this works, but
'one' could be 'i' (Roman numeral) and 'i' is located in the answer.
'shot' could be 'sped' (I've seen this in another clue) and 'sped' is found in the remaining letters.
This accounts for all the letters.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for spied that I've seen before include "Watched secretly" , "Was a secret agent" , "Spotted" , "Saw" , "Noticed" .)