Using a bowl, toss in the flour, a dash of salt and pepper then the beef. Coat each piece of meat evenly.
Heat oil in a large casserole dish over medium-high heat. Working in batches (to avoid overcrowding), cook beef until browned. Set them aside.
Add onions, garlic, bay leaf, and thyme to the casserole dish and cook for 3 minutes. Return beef to the pot. Add stock and bring to a gentle simmer (beef should be just covered with the liquid). Reduce to medium-low heat and simmer gently for 1½ hours, stirring occasionally.
Add potatoes and carrot and cover. Simmer gently for 55 minutes, or until vegetables are cooked and the beef is tender enough to cut with a spoon. Using a slotted spoon, transfer the beef and vegetables to a bowl.
Boil the remaining liquid for 20 minutes, or until it is reduced by half. Return the beef and vegetables to the pot and simmer gently until heated through.