The integration of Renewable Energy Sources (RESs) and Plug-in Electric Vehicles (PEVs) into existing Low Voltage (LV) distribution networks may cause bi-directional power flow, thermal, voltage and other technical issues. In this paper, real-time intelligent PEV charging management and distributed Battery Energy Storage (BES) Systems are implemented to mitigate these technical impacts on the distribution grids. Based on the concept of future Smart Grid, a novel local Peer-to-Peer (P2P) energy transaction framework based on Time of Using (ToU) pricing scheme is proposed to make profits for domestic customers by utilising the available BES and RESs' generation capacity. This P2P real-time energy transaction framework revolutes the traditional electricity market, providing a platform for Microgrid operation in islanding mode during utility grid disturbance.