iCal not reading times prior to 08:00

I like to specify the times of an event when it is created.

For example: If I write "Meeting 0900 to 1300", iCal creates an event called 'Meeting' starting at 09:00 and finishing at 13:00.

However,

If I enter: "Meeting 0500 to 1300", iCal adds the even from 17:00 to 01:00 of the following day????

I have tried changing the parameters in preferences to set the working day from 'midnight' to 'midnight' but it makes absolutely no difference. I've tested this extensively and it will not recognise a time as being am, if it's before 08:00!

This behaviour is bizzare and there has to be a way to disable it; not everyone's working week runs from 9 to 5.

Anyone???