Set just after the end of WWII (but filmed in the middle of it) in a time of general euphoria at having won the war, with full employment and general happiness for all (or nearly all). Peter, the young wastrel son of a hard working hotel owner doesn't like the idea of having to work for a living. He discovers a society of "White Elephants" who are quite willing to be poor as long as they don't have to work. They are protected and guided by Nina (Margaret Lockwood) and her precocious sister Heidi (Jean Simmons).

The Professor (Felix Aylmer) is showing Susie (Evelyn Dall) around his time machine when it accidently takes off with Tommy (Tommy Handley) and Bill (George Moon) also on board. They are transported to Elizabethan England where they come across Walter Raleigh, William Shakespeare, Queen Elizabeth 1, Captain John Smith and Pocohontas. Will our time travellers return?

Askey stars as a man trying to save his flagging escort agency. A new partner suggests getting some new girls in, just in time for the soldiers' leave. The film also features the English singing favourite of the forties, Anne Shelton.