Fourteen minutes and five seconds. There is no perfect way to write this, but neither of yours is quite right. 14m 5s or 14:05 are both ok, though 14:05 could easily be mistaken for 'five past two in the afternoon'. Strictly, you could also write it as 14' 5", but I have never seen this done, I wouldn't recommend it

14.05s can also simply be read as "fourteen-'O'-five (seconds)" and 14.50s as "fourteen-five-zero (seconds)"/"fourteen-fifty (seconds)"

14'5" would be understood as a measurement of length in America, Fourteen feet, five inches.

Time is recorded as follows.

Hour:minutes:seconds

00:00:00

00:14:05

Written as above it is fourteen minutes and five seconds.