It returns a Variant of subtype Date containing the time.
time: is usually a string expression representing a time from 0:00:00 (12:00:00 A.M.) to 23:59:59 (11:59:59 P.M.), inclusive. However, time can also be any expression that represents a time in that range. If time contains Null, Null is returned.
TimeValue Print TimeValue("16:30:00") Output:4:30:00 PM