Извините за опоздание is how you want to say it if you're late. Appologies for lateness Can't say I've ever heard that one before. Anyway if it's appologies for your being late, then it's all the same. "Sorry it is late" is another phrase I'm not so sure about, the way it sounds to me is like you're being sorry for that it's late, like late in time of day? More context needed, at least for a dummy like me.

P.S. Although извиняюсь is ubiquitous in colloquial speech now, it is kind of wrong to say it like that. The -сь at the end is indicative of a reflexive verb, one that refers back to the subject, short for себя if you will. It's like saying я извиняю себя (I appologize myself) It's nitpicky, I know and most people wouldn't care or know about that, but some will chastise you for it. Needless to say, it's not recommended to use извиняюсь formally (some people do regardless).