SQL Server 2012 :: CTE To Remove Overlaps And Produce Result

I am having problems building a CTE. I have a table:

declare @tbl table ( ID int, S time(0), E time(0) )

with the following data:

insert@tbl ( ID, S, E )
values ( 1, '03:00', '05:00' ),
( 1, '04:00', '06:30' ),
( 1, '22:00', '23:00' ),
( 1, '23:00', '23:40' ),
( 1, '23:30', '23:45' )

I need to build a CTE that will eliminate overlaps and produce the following result:

ID S E
-- --------- ---------
1 03:00:00 06:30:00
1 22:00:00 23:45:00