Brown the beef: Toss beef in flour, salt, and pepper. Heat olive oil in a large pot or Dutch oven, then sear the beef in batches until browned. Remove and set aside.
Cook the base: In the same pot, sauté onions and garlic for 3–4 minutes until softened.
Build the stew: Stir in tomato paste, then pour in the beef stock.Add carrots, potatoes, thyme, and bay leaves. Return the beef to the pot.
Simmer: Bring to a boil, then reduce heat to low. Cover and simmer for 2–2.5 hours, stirring occasionally, until the beef is tender and the potatoes are soft.
Finish with peas: Stir in peas during the last 5 minutes of cooking. Adjust seasoning with extra salt and pepper.
Serve: Garnish with fresh parsley if you like. Best served with crusty bread or over mashed potatoes.