Preheat the oven broiler to high setting.
In a large oven-safe skillet over medium-high heat, cook the ground lamb until browned, approximately 5-7 minutes. Drain excess fat.
Add the diced onion to the skillet and sauté for 3 minutes until translucent.
Stir in the tomato paste, dried thyme, salt, and black pepper; cook for 1 minute to develop flavors.
Pour in the beef broth, Worcestershire sauce, and frozen peas and carrots. Bring to a simmer and cook for 5 minutes until the liquid has reduced by half.
Spread the prepared mashed potatoes in an even layer over the meat mixture using a spatula.
Top with shredded cheddar cheese.
Place the skillet under the broiler for 3-5 minutes or until the potato peaks are golden brown and the cheese is bubbling.
Remove from oven and let rest for 2 minutes before serving.