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Stephen ByromFlag for Ireland

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EXCEL time/date

Cell A1 shows the date and time using Now().
I wish a different cell to show that date minus 1 if the time is less than 08:05.
I have tried many permutations of datevalue and timevalue but i'm slowly losing the will to live.
Any help is greatly appreciated.
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Thanks for the speedy response Andrew.
If I place that formula in a cell it just shows lots of hash marks, no matter how large I make the cell or whatever format I change it to.
Is there a way to use the IF statement in the target cell?
Such as
IF cell A1 is less than time 08:05 then show yesterday's date and time, else show today's date and time

Thanks again
Can you attach your file here?  I will help to fix.
This is still in it's embryo stage
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Okay! I dun know you dun know the basic function.  Sorry!  

Keep in touch!

Thanks for your time Andrew (no pun intended)
As you can probably guess, I will be asking a few more questions on here before I finish that workbook :)
Good!  I can help you!

Keep in touch!

Andrew Man from Hong Kong