The movie is based on a Shakespeare play, Henry IV part 1.
All that happens at midnight is that the clock rings, which is pretty late if you're in the 16th century. The scene is two old men reminiscing about their wild youth:
Anecdote: In Lincoln UK, the cathedral chimes are not rung after (or immediately before) 11 PM. Mythically, this is because Michael Todd, who played Guy Gibson, the leader of the Dambuster raid in the post-war film, found them too disturbing, at the White Hart hotel, next to the cathedral, when he was filming.
As someone who lives in Lincoln, in the hearing of the bells I quite like it, but I'm not so close that it keeps me awake!
