Begin by seasoning the beef chunks with salt and pepper. Sprinkle the flour over the meat and toss until the pieces are evenly coated. This step not only helps with browning but also thickens the stew later on.

Heat the olive oil in a large Dutch oven or heavy-bottomed pot over medium heat. Working in batches, brown the beef on all sides—about 3–4 minutes per batch. Don't overcrowd the pot. Once browned, transfer the beef to a plate and set aside.

In the same pot, add the chopped onion, garlic, and carrot. Cook for 2–3 minutes, stirring occasionally, until the vegetables begin to soften and brown slightly.

Add the diced potatoes, beef broth, tomato paste, Worcestershire sauce, bay leaf, and thyme. Stir everything together, scraping up the flavorful brown bits from the bottom of the pot.

Return the browned beef to the pot and bring the mixture to a gentle simmer.

Cover the Dutch oven with a lid and transfer to a preheated oven at 325°F (163°C). Cook for 2 to 2½ hours, or until the beef is fall-apart tender and the flavors are deeply developed.

Remove the stew from the oven. Discard the bay leaf. Taste and adjust the seasoning with additional salt and pepper, if needed.

Ladle into bowls and garnish with fresh thyme. Serve warm, ideally with a slice of crusty bread or over creamy mashed potatoes.