In a medium bowl, combine the egg, bread crumbs, oregano, red pepper flakes, garlic powder, salt and black pepper, then add the ground beef. Mix together with your hands until just combined. Form the meatballs with a tablespoon (15 grams) of the beef mixture for each ball.
Heat the oil in a 3 1/2 quart (3 litre) saucepan over medium heat. Add the meatballs and brown on one side, approximately 2 minutes. Turn the meatballs and brown on the other side. Remove the meatballs to a clean dish.
To the same pan add the chopped onion and cook just until they start to soften, 2-3 minutes. Then add the garlic and carrot and cook for 1-2 minutes. Add the tomato paste and flour, stir to coat the vegetables. Add the Worcestershire Sauce and stir, scraping up any browned bits off the bottom of the pan. Add the beef stock, salt, bay leaf and fresh thyme and stir to combine. Bring the stock to a simmer and add the meatballs. Adjust the heat to low, cover the pan with the lid slightly askew and simmer the meatballs.
In a small pot add the water and bring to a boil, add the rice and garlic and cover the pan. Reduce the heat to low, cook until the rice is tender, approximately 20 minutes, stirring occasionally. Drain off any excess water. Stir in the cream and butter until melted, add the Parmesan and gently stir to combine. Sprinkle with the chopped Parsley. Turn off the heat and cover to keep warm.
Uncover the meatballs and adjust the heat to medium to bring the sauce to a strong simmer. Cook for another 5 minutes or until the sauce has slightly thickened. Remove the bay leaf and serve the meatballs over the rice. Enjoy!