After a successful day at the races, Major Arthur Hill (Basil Radford) and Harold Temple (Hugh Griffith) decide to raise a £300 syndicate to buy a certain racehorse. With excited help from their friends (Janette Scott, Jimmy Hanley, Rene Ray, Joyce Grenfell, A. E. Matthews) they get the money, but things don't go so smoothly from here. First, they accidently buy the wrong horse which proves to have more of an affinity for jumping than racing. They then decide to train it themselves as a jumper under the new name "The Galloping Major". However, on the night before the Grand National, the horse mysteriously disappears...
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