Trying to use an IF function to return a value when a time is less than 01:00 in HH:SS

Hi

I have a time displayed in HH:MM in a spreadsheet, I'm trying to use an IF function to return a YES or NO if the time is less than 01:00 i.e. 00:57, BTW I am using two ifs.

=IF(I3<E3,IF(L3<01:00)),"Yes","Fail"

Thnaks

Jon