Expanding on what @Toskan wrote, you could do this to validate in 00:00 format. Returns true if valid and between 00:00 and 23:59.
This also allows different time formats to be used...
function isTimeValid($time_str, $format = 'H:i')
{
$DateTime = \DateTime::createFromFormat( "d/m/Y {$format}", "10/10/2010 {$time_str}" );
return $DateTime && $DateTime->format( "d/m/Y {$format}" ) == "10/10/2010 {$time_str}";
}