Preheat oven to 350 degrees F. Line an 8-inch square pan with parchment paper, leaving an overhang on both sides. Set aside.
In a medium bowl, combine the flour and sugar. Pour the melted butter over the top and stir until well combined. Press the mixture into the bottom of the baking pan evenly and bake for 20 minutes, until lightly browned on top. Cool slightly on a wire rack, about 10 minutes.
In a medium bowl, combine the shredded coconut, condensed milk and eggs. Spread evenly over slightly cooled crust. Bake for 25 minutes or until very light golden. Set aside to cool completely.
In a medium bowl, melt the chocolate in the microwave for 30 seconds. Stir and repeat the process until the chocolate is completely melted. Set aside. In a small saucepan, heat heavy cream until just about boiling, stirring constantly. Pour over chocolate. Stir for a few minutes until totally combined, smooth and creamy.
Sprinkle peanuts evenly over cooled coconut layer. Spread the chocolate on top. Let it chill in the refrigerator for 1 hour. Once the chocolate has hardened, cut into bars and enjoy.
Store in the refrigerator.