Apex times are always listed as hh:mm, so technically it should be "23:50 to 00:20", but I'm not certain if it will cause any problem missing the first zero.
Times are inclusive, so 23:50 to 00:20 is actually 31 minutes.
The Defer 005:00 Then ON will add an additional 5 minutes before turning back on, so you have a total of 36 minutes off right now.