This could be literally read like:
"es la una y quareinta y cinco minutos".
However, nobody really says that in conversations as this is a quite technical way to tell the time, so you can find it perhaps in technical products like alarms or radios or even train stations.
So, the most correct way to say it would be this:
"son las dos menos cuarto" which is the translation of "it's a quarter to twelve".
I also answered to a similar question here and gave the link to this good video that might maybe help you when it comes to tell the time in Spanish and why it changes from between "es la una" or "son las dos" and so on.
Hope this helps!
