Make the Meatballs: In a large bowl, combine ground beef, breadcrumbs, Parmesan cheese, egg, Worcestershire sauce, allspice, salt, and pepper. Mix until well combined. Form into small meatballs, about 1 inch in diameter.
Brown the Meatballs: Heat olive oil in a large pot over medium heat. Add meatballs in batches and cook until browned on all sides, about 5-7 minutes. Remove from pot and set aside.
Sauté Vegetables: In the same pot, add diced onion and garlic. Sauté for about 3 minutes until the onion is translucent.
Add Broth and Vegetables: Pour in beef broth and bring to a simmer. Add sliced carrots and diced potatoes. Let simmer for about 10 minutes until vegetables are tender.
Simmer with Meatballs: Return the browned meatballs to the pot and stir in the frozen peas. Continue to simmer for another 5-7 minutes.
Creamy Finish: Stir in the heavy cream and let cook for an additional few minutes until warmed through. Check for seasoning, adding more salt and pepper if needed.
Serve: Ladle soup into bowls and garnish with fresh dill.