Heat olive oil in a large pot or deep skillet over medium heat. Add onion and cook until softened. Add ground beef and cook until browned, breaking it up as it cooks.
Add minced garlic, tomato paste, Worcestershire sauce, sugar and seasonings. Stir well and cook for 1–2 minutes.
Add beef broth and elbow noodles. Stir everything together and bring to a boil. Reduce heat, cover and simmer for 10–12 minutes, stirring occasionally, until the noodles are tender and most of the liquid has been absorbed.
Add heavy cream and freshly grated cheddar cheese. Stir until the cheese is melted and everything is creamy and well combined.