The present invention relates to an aqueous composition in liquid form, which contains oil, milk protein, monosaccharides, disaccharides, and/or oligosaccharides, a hydrocolloid and one or more emulsifiers comprising organic acid esters of mono- and diglycerides of fatty acids. The composition may be aerated, and may be used to be frozen quiescently to prepare a frozen confection. The invention also provides a method for preparation of the composition of the invention, and a method for freezing the aerated composition of the invention. The liquid composition can be distributed at temperatures above 0°C, and frozen at the point of use prior to consumption, such that much energy is saved as compared to distribution of frozen confections at temperatures below 0°C.