Preheat the oven to 160°C (fan 140°C) / Gas Mark 3.
Heat a non-stick frying pan with low calorie cooking spray, brown the beef on all sides, and transfer to an ovenproof casserole dish.
Add the carrots, onions, garlic, smoked paprika, thyme, and bay leaves. Pour over the beef stock and stir well.
Cover tightly with a lid and cook in the oven for 2.5-3 hours, stirring halfway through.
20 minutes before the end of cooking, stir in the peas.
Season with salt and black pepper before serving.