The invention relates to an oil-and-water emulsion comprising an aqueous phase and an oil phase, said emulsion containing: —15-40 wt. % water; —30-60 wt. % oil; —1.5-18 wt. % of cyclodextrin selected from alpha-cyclodextrin, beta-cyclodextrin and combinations thereof; —12-50 wt. % of saccharides selected from monosaccharides, disaccharides, non-cyclic oligosaccharides, sugar alcohols and combinations thereof. The emulsions according to the present invention are highly stable under ambient conditions, can easily be used as a base for the manufacture of a variety of icings, fillings and toppings. These base emulsions can suitably be aerated (creamed) to produce a creamed icing or filling, or a whipped topping that has excellent ambient temperature stability.