" It's five o'clock." is the standard answer to the English question "What time is it?" There is no need for a detailed explanation. That is simply the way we say it in English.
Still, it is possible to use the expression. "There is five o'clock".
1) The expression "there is" can function to point out something that is present to our perceptions.
There's five o'clock! I was waiting for the Church bell to ring five times, and now it has.
In this sense it is similar to the use of вот in Russian, although in English a verb is often used with 'there".
Ну, вот 5 часов, а уже темно!
2) "There is" can also be used to point out the fact or existence of something.
How many o'clocks are there?
There is five o'clock. There is four o'clock. There is three o'clock. etc.
How many showtimes are there for today's movie?
Well, there is five o'clock, there is one at three o'clock, and there is also a noon showtime.