iPhone 5 water damage and LCD not able to display anything

You have burned components that must be replaced. I'm sure that you will find more corrosion under those shields. You need to take this phone to someone that can desolder the shields and really clean the board---or at least put it through an ultrasonic cleaner. Then you'll need to find someone that can do board level repairs to replace those burned components. If you see a capacitor--one of the little surface mounted rectangles that is tan in the center---that is black, or corroded, it will likely be short and must be replaced. Check with your multimeter set on continuity---if a capacitor beeps, it is faulty. (note: resistors on the board are supposed to beep).

My guess is that you have likely shorted your backlight coil (under the shield) and that this is responsible for your no backlight, i.e. no display problem. This is common after water damage.