Sir Wenzel Schloss is a very rich man with a very healthy dose of the Christmas spirit — as well as a passion for outrageous puns. He has always been tickled by the similarity between his name and that of Good King Wenceslas, and has surrounded himself with employees whose names also evoke lines from the popular carol.

This year, Sir Wenzel is making a point of marking the feast of St. Stephen (Boxing Day) with a holiday gathering. He has invited a large party of his friends to his mother's large estate in a remote corner of England where he has recreated the setting of the King Wenceslas song. The guests arrive on Christmas Eve full of the holiday spirit and good cheer, only to discover that Wenzel's sense of humour is not shared by all. Indeed, some find the whole business deadly serious.