Water damage iphone 5s

I have an Iphone 5S. I was at work and put it next to the till where there's quite a few wires etc. Right above the till is an air con unit. Unfortunately this began to leak water but because I work at a bar and was at the time very busy, once I returned to check my phone it was very wet. There shouldn't be a leak next to electrical equipment and it's not like I spilt liquid onto the device.

I've currently had it in rice over the past 4 days as this apparently helps absorb the moisture and yes it has worked a touch however, you can still see marks/streaks of water in the screen and the red dot indicator where the sim goes is red. Also when all the moisture is out does the red dot vanish?

Can someone with maybe experience or some helpful advice tell me how to go about this.

I've not even had the phone 4 months yet and paying £206 for a new phone is just crazy. I'd like to know if there is any way around it or would I just have to spend £206 on a new one.

Thanks

Harry