I was looking into this recently as well, since I also wanted to represent time independent of date in JS.
I searched for a standard solution and quickly found there is none. The only thing that came close was to use Date and only set time properties on it, as suggested by @shennan. But that felt wrong, since it's exposing methods that have nothing to do with daytime, like getFullYear(), which will confuse people if it gets passed around in a program.
Other option was to use some datetime library, but introducing it to just represent a simple time also felt wrong, since those are often heavy in terms of size and their API.
I think the approach @istos went for - exposing only time related methods and using date as the core - is the best. However, it has one little issue that will give you incorrect results if you do calculations with dates and are outside of the UTC+0 timezone, and that is the usage of getHours(). This method gives you localized hour count, which skews the result when you subtract eg. 2:00 from 4:00, so you want to use getUTCHours() instead, which returns hour count relative to UTC+0.
So here is a modern, memory efficient solution (by using class, every instance refers for methods to one common prototype) which allows for calculations since it both exposes and allows to create itself by using milliseconds (using TypeScript):
class Time {
  private date: Date
  constructor(...args: [number] | [number, number]) {
    if (args.length === 1) {
      this.date = new Date(args[0])
    } else {
      const hours = args[0]
      const minutes = args[1]
      this.date = new Date(Date.UTC(1970, 0, 1, hours, minutes))
    }
  }
  getHours() {
    return this.date.getUTCHours()
  }
  getMinutes() {
    return this.date.getUTCMinutes()
  }
  getTime() {
    return this.date.getTime()
  }
  toString() {
    return `${padWithZero(this.getHours())}:${padWithZero(this.getMinutes())}`
  }
}
const t1 = new Time(4, 30)
const t2 = new Time(1, 15)
const t3 = new Time(t1.getTime() - t2.getTime())
t3.getHours() // 3
t3.getMinutes() // 15