Heat a few lugs of olive oil in a heavy based pot (oven-proof with lid) or Dutch oven. Add in onions, garlic, and carrots and sauté until onions soften.
While the onions/garlic/carrots are cooking, toss your beef with the flour, 1/4 teaspoon pimenton, ½ teaspoon salt, and freshly cracked black pepper.
Add floured beef to the pan, pushing onions/garlic/carrots to one side. Brown beef on all sides. By now there should be some yummy brown bits on the bottom of your pan – deglaze with a few glugs of your wine, scraping those bits up.
Add the tomatoes, 1/2 teaspoon of pimenton, and the farcelettes and stir. Add enough red wine to come up almost to the top of the meat but not covering it. Add freshly cracked black pepper, a dash of cayenne (the amount will depend on your heat tolerance) and stir once more to get everything mixed. Bring to a boil. You can bash up some of the tomatoes with the back of your spoon.
Once it boils take the stew off the stove top, cover with lid, and stick in a 170C oven for 1 hour.
After 1 hour, remove pot from oven and add potatoes and olives. Give this a stir, cover, and return to the oven for another hour, or until meat is tender. Taste and adjust seasoning as needed (you may need to add more salt).
The sauce should be rich and thick and coating the meat.