tvalue = Range("B1").text
Because after VBA help:
TimeValue Function

Returns a Variant (Date) containing the time.

Syntax

TimeValue(time)

The required time argument is normally 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.
and with
00:00:01
in B1
[B1].value would be 1.15740740740741E-05
while [B1].text is "00:00:01" as needed for timevalue