Registered in England and Wales. Company registration number 04998151
eco city vehicles plc. Hemming House, Hemming Street, London E1 5BL
Tel: +44 (0)20 7377 2182  Fax: +44 (0)20 7375 2032  Email: info@ecvplc.com
www.ecocityvehicles.com
eco city vehicles plc
Report and Accounts
For the year ended 31st December 2009
Company 04998151
For vehicles that don’t 
cost the earth...
eco city vehicles plc Report and Accounts for the year ended 31st December 2009
4744 KPM Eco City Annual Report 2010 Cover.qxp:Layout 1  06/06/2010  19:46  Page 1 4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 1 eco city vehicles plc has evolved as an established specialist vehicle distributor and a leading after-sales
service centre for the London Taxi owner-driver market and is focused on developing engineering solutions for
city vehicles, and by distributing environmentally friendly vehicles through its existing and new channels to
market, targeting local authorities, urban vehicle fleet owners and other business users.
Page Contents
2 Directors and Advisers
3 Financial and Operating Highlights
4 Chairman’s Statement
6 Chief Executive Officer’s Review
8 Finance Director’s Review
10 Directors’ Biographies
12 Directors’ Report
19 Corporate Governance Statement
22 Directors’ Remuneration Report
25 Report of the Independent Auditor 
27 Consolidated Statement of Comprehensive Income
28 Consolidated Statement of Financial Position
29 Consolidated Statement of Changes in Equity
30 Consolidated Statement of Cash Flows
31 Notes to the Group’s Financial Statements
64 Report of the Independent Auditor
66 Parent Company Balance Sheet
67 Notes to the Parent Company Financial Statements
75 Consolidated Five Year Record
76 Notice of Annual General Meeting
eco city vehicles plc
1
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Directors: Tim Yeo Non-Executive Chairman
Peter DaCosta Chief Executive Officer
Michael Troullis Chief Operating Officer
Keith Marder Chief Technical Officer
David Trendle Finance Director
Jeremy Fenn Non-Executive Director 
John Swingewood Non-Executive Director
Guy Saxton Non-Executive Director
Company Secretary: Stephen Ryder
Registered Office: Hemming House
Hemming Street
London E1 5BL
Registered in England: Company number – 04998151
Nominated Advisor & Broker: Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London EC4M 4TA
Solicitors to the Company: Holman Fenwick & Willan
Friary Court
65 Crutched Friars
London EC3N 2AE
Registered Auditors: Grant Thornton UK LLP
Grant Thornton House
Melton Street
London NW1 2EP
Registrars: ComputerShare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS13 8AE
Bankers: Barclays Bank Plc
Level 27, One Churchill Place
London BX3 2BB
HBOS Plc
Level 7, 155 Bishopsgate,
London EC2M 3YB
Directors and Advisers
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 3 Financial highlights
• Revenues rose 30% to £24.7m (2008: £19.0m), driven by strong demand for new Mercedes Vito taxis
• Achieved operating profit from continuing operations of £0.1m (2008: £0.6m loss)
• Generated operating cashflow of £1.5m (2008: £2.9m cash outflow)
• Revenue from new vehicle sales rose 40% to £14.5m (2008: £10.4m) with gross margin maintained at 8%
• Parts & Accessories division increased sales by 19% to £2.9m (2008: £2.5m)
• Loss before tax from continuing operations and excluding non ‐recurring items of £0.2m, 
reduced to £0.2m (2008: £0.7m loss)
• Loss per share from continuing operations of 0.13p (2008: 0.23p loss); Adjusted loss per share excluding
non ‐recurring items, of 0.06p (2008: adjusted loss per share of 0.23p)
• Net debt cut to £2.4m (2008: £3.1m) with a further £1.9m available from stocking facilities
Operating highlights
• New Vito unit sales more than trebled to 398 units in 2009 (2008: 113), capturing a 24% share of the London
new taxi market in its first full year of production
• Used vehicle unit sales in the year were up 112% to 308 units (2008: 145 units)
• Launched 3.5 tonne hybrid Mitsubishi truck in UK, generating excellent market feedback from potential customers
• Ceased operating loss ‐making in ‐cab advertising licensee, Transmedia Limited.
• Launched an all electric prototype taxi, the Mercedes eVito, in February 2010 and in discussions to develop 
series hybrid Vito taxi
• New agreement with Manganese Bronze subsidiary, LTI, to cover after ‐sales servicing and parts supply for old ‐style
TX4 taxis and earlier models
• Appointed David Trendle as Finance Director in April 2010
• Increased production of the Vito taxi at our Coventry site from eight to twelve units per week in 2010
Financial and Operating Highlights
3
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Introduction
I am pleased to report that despite the exceptionally difficult trading conditions, which prevailed throughout
2009, turnover was substantially higher than in the previous year. The Group's main product, the Mercedes
Benz Vito taxi launched in 2008, achieved a steadily growing share of the London taxi market. Our
relationship with Mercedes-Benz has developed further and is expected to lead to an expansion of our
operations in due course. The loss making operations of the Group’s subsidiary, Transmedia Limited, were
discontinued and despite considerable price discounting in the taxi market by our competitors the profitability
of the continuing operations improved significantly.
Trading Performance
Against a background of severe economic recession in Britain, accompanied by an acute financial crisis, it is
very satisfactory that sales of the Vito more than trebled during the year. Its superior comfort, performance
and economy are now widely recognised by both drivers and passengers, an increasing number of whom now
specify their preference for the Vito when ordering or choosing a cab. We estimate that the Vito, which
continues to attract considerable media and industry attention, now enjoys a 24 per cent share of the London
market. The rise in Vito sales more than offset the sharp fall in sales of new TX4 taxis and were the main
reason for the 53 per cent increase in total vehicle sales during the year, although the doubling of used
vehicle sales compared with 2008 also contributed.
In July 2009, London International Taxis Limited (LTI), the subsidiary of Manganese Bronze Plc which
manufactures the TX4 taxi, gave us notice that the main dealership which our subsidiary KPM-UK Taxis Limited
has operated for LTI taxis since 1989 would be terminated with effect from July 2010. The declining sales,
decreasing profitability and falling market share of the TX4 means that this decision will have only a very small
effect on our future turnover, especially as negotiations have been recently concluded with LTI to enable KPM
to continue to provide servicing & repairs and supply parts for the TX4 and the other older taxis built by LTI.
The Group’s servicing and parts business traded satisfactorily during the year and continue to make a
contribution to sales and profits. As foreshadowed in my Statement last year the Board conducted a review of
the loss making operations of Transmedia Limited and announced in September that its activities had ceased.
The financial position of the Group has reflected the difficult trading background during 2009 but remains
satisfactory. It was helped during the year by the receipt of £297,000 in settlement of an insurance claim
following the fire at our premises in late 2007.
Chairman’s Statement
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 5 Other Activities
The Group has continued negotiations for the import of a hybrid delivery truck. Although these negotiations
are taking longer to complete than originally envisaged, we remain optimistic about the prospects for this
vehicle and hope to be able to report further progress later in the year.
The Group is also in discussions with the Mayor of London’s office and with Mercedes-Benz about the
development of a low emission Vito taxi. This may take the form of a series hybrid or a fully electric powered
vehicle. Again we hope to be able to report progress later in the year.
Discussions have also commenced about the possibility of the Group being appointed by Mercedes ‐Benz as a
light commercial vehicle dealer.
Related party transactions
On March 11th this year the Group informed The Stock Exchange that the existence of some previously
undisclosed related party transactions had come to light. Although these have not had any adverse impact on
our cash or on current trading, an investigation is under way into how these transactions occurred. The results
of this investigation, initiated by eco city vehicles plc, are expected to be available in the next few weeks.
Future
The Group is now very well positioned to exploit the potential of the growing demand and need for more fuel
efficient and lower carbon taxis and other vehicles. Details of some of our plans are set out in the Chief
Executive Officer’s Review below. The expected phasing out of the older taxis from London, part of the
Mayor's strategy to improve air quality in the city, will increase demand for newer, cleaner taxis. Sales in the
first quarter of the year have been satisfactory and as Britain’s economy recovers so the profitability of our
operations should also improve.
Management, Employees and Board
During the year the Board agreed that the Group needed to have a full time Finance Director in post. I am
delighted that David Trendle joined the Board in that capacity at the beginning of April this year.
I should like to thank Peter DaCosta, Chief Executive, and the whole of the Board for their continued efforts to help
the Group achieve its full potential. We remain grateful to all our employees for their hard work and commitment.
Tim Yeo 
Chairman
5
Chairman’s Statement
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Taxi distribution business – New, Second Hand and Trade vehicles
Sales of new Vitos increased substantially to 398 in 2009, surpassing the 500 level since launch in mid 2008.
The implementation of the regional dealer network was completed in the latter part of 2009. New Vito sales
made up 84% of total new sales, by revenue.
There is a negligible contribution from the sale of new TX4’s, which continues to be discounted resulting in
very low margins. The loss of the LTI dealership in July 2010 will have minimal impact, with sales of used
vehicles, sales of parts and after ‐sales service continuing under a new contract.
With increasing sales of the Vito resulting in the trade ‐in of used LTI vehicles, there was a substantial increase
in used vehicles sales to 296 units, and an improvement in margins from 0.8% to 4.9%.
I would like to thank Steven McCarthy, Sales Director, for his hard work and dedication to the substantial
increase in sales.
After ‐Sales Division – Servicing, Body repairs, Parts and Accessories
Parts continued to show excellent growth, with revenue increasing by 19% to £2.9m and gross margin
increasing by 33% to £0.7m.
After ‐sales service was impacted by the recession due to longer service intervals on cabs, reducing revenue
from £4.1m to £3.2m.
In anticipation of the downturn the company reduced its staffing levels and introduced service packages on
new vehicles to retain servicing revenue. Profitability was maintained in the servicing division, at a slightly
reduced level of £0.2m (2008: £0.3m). Overall the profitability of the After ‐Sales division contributed £0.7m
(2008: £0.7m).
Cash balances and funding
The Group had cash balances of £0.3m (2008: £0.05m) at the year end and had reduced borrowings from
£3.1m to £2.7m. The Group has facilities with Mercedes ‐Benz and Singers Asset Finance for vehicle stock of
£3.5m, with only £1.6m utilised at the year end. Cash flow from operating activities substantially turned
around from an outflow of £2.9m in 2008 to an inflow of £1.5m this year.
Transmedia 
As disclosed in the interim results, the Group's in ‐cab advertising business Transmedia Ltd was unsustainable,
with no indication of the business achieving profit in the near future: Transmedia Ltd ceased operating the
Cabvision licence in September 2009. Transmedia made a loss of £0.4m during the year and has been
separately disclosed as discontinued activities. 
Chief Executive Officer’s Review
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 7 Commercial contracts
The Group continues to work closely with Mercedes ‐Benz, who are delighted with the success of the Vito taxi,
placing the Group as their top distributor of the Vito. In order to retain customer loyalty and service revenue
the Group launched free three year servicing packs for the Vito, which are very attractive to a taxi owner as
this represents a substantial outlay for their existing LTI vehicle. The Group has taken advantage of the
termination of its LTI main dealership to recruit these ex LTI dealerships (with their taxi knowledge and
experience) for the distribution of the Vito in the rest of the UK. In addition the Group is working closely 
with Mercedes ‐Benz for their dealers to provide the quality after ‐sales service for the Vito taxis.
Environmentally friendly vehicles
The Group has continued to work with its partners to progress hybrid and electric vehicles with the development
of a 7.5t hybrid truck and a prototype of the Electric Vito taxi.
Outlook for the current year
The Group is pleased with the progress made in 2009, despite difficult trading conditions the Group moved
backed into profitability at an operating level.
Since the appointment of our Regional dealer network throughout the UK sales are progressing well and the
Vito has now been licensed by 170 Councils, representing a potential market exceeding 50,000 licensed taxis.
Transport for London have now announced that they are reviewing the introduction of an age limit for all
taxis from 2012.
Despite challenging and uncertain conditions remaining in early 2010, the Group continues to make progress
with the Vito, without resorting to the discounting introduced by our competitors. This progress will be
enhanced with the introduction of an age limit by TFL. The benefits and advantages of the Vito, the next
generation of taxis, alongside the lower running costs, superior comfort and accessibility, as well as excellent
residuals all provide for a lower total cost of ownership and a better drive for our customers with minimal
warranty exposure. These benefits, including the superior comforts for the passenger, have led to rising
demand from corporate London, on the London Radio Circuits and especially on Airport runs.
The Board anticipates making further in ‐roads into the marketplace and is delighted that the continued
growth has led to increased production at our second tier British manufacturing facility in Coventry. The Group
is progressing further its relationship with Mercedes ‐Benz and is in negotiations to become a full Light
Commercial Vehicle Mercedes ‐Benz dealer in the second half of 2010.
The Group anticipates introducing a Euro V compliant taxi (meeting stringent new regulations in the
production process and emission standards) for sale in 2011, a year ahead of schedule. In 2010 we expect 
to develop further our Eco friendly product range. We have partnered Mercedes ‐Benz in seeking funding
opportunities and we are encouraged by signs of market acceptance of our imported hybrid truck with a
demand for a 7.5 tonne version. The evito (electric) taxi, in which we are a partner, has been successfully
prototyped and we are working with our partners with an aim to bring the vehicles into production in time
for the Olympics, with a series hybrid version to follow.
Peter Dacosta
2 June 2010
Chief Executive Officer’s Review
7
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Key performance indicators
2009                                                              2008
Revenue Gross Margin Gross Margin Revenue Gross Margin Gross Margin
£000 £000 % £000 £000 %
Sales
New 14,498 1,163 8.0% 10,385 827 8.0%
Used 4,018 197 4.9% 1,841 14 0.8%
Parts 2,938 679 23.1% 2,471 503 20.4%
After ‐sales 3,208 2,079 64.8% 4,114 2,597 63.1%
Other 10 10 100.0% 215 157 73.0%
24,672 4,128 16.7% 19,026 4,098 21.5%
Taxis ‐ Revenue MB LTI MB LTI
New 85% 15% 33% 67%
Used 18% 82% 3% 97%
Central Overheads (1,841) (1,922)
Non ‐recurring items:
‐ Provision against Cabvision (504)
‐ Insurance Claim 297
Sales of new taxis have increased by 40% to £14.5m (2008: £10.4m) with margin maintained at 8%. Sales of
the Mercedes ‐Benz  Vito have more than trebled to 398 units and now represent 84% of new sales revenue.
Profitability of the Vito is far higher than LTI vehicles (9% compared to 2% gross margin), which continue to 
be discounted heavily. Used sales have performed well with revenue up by 118% to £4m (2008: £1.8m) with
improved margins of 4.9% (2008: 0.8%).
The Group were provided notice in July 2009 for termination of the LTI dealership for new vehicles with effect
from Mid July 2010. Subsequently the Group has negotiated new contracts to continue sales of used vehicles,
parts and service of LTI vehicles. The impact of this decision will therefore be minimal and allow the Group to
focus on the new generation of taxis providing superior comfort, better efficiency, high levels of reliability and
lower cost of ownership. LTI terminated all of its dealerships, therefore allowing the Group to secure these
ex ‐LTI regional dealers for distribution of the Vito taxi.
The parts business continues to perform strongly with revenue up 19% to £2.9m (2008: £2.5m) and gross
margin improvement from 20.4% to 22.7%
The after ‐sales business continues to be impacted by the recession with reduced levels of servicing and
increased competition from small garages who fall under the VAT threshold. The reliability of Mercedes ‐Benz
and the longer service intervals have contributed to the fall in revenue. The business took steps in early 2009
to reduce costs in this segment resulting in profits of £0.2m compared to £0.3m in the previous year. The
after ‐sales division maintained a gross margin of £0.7m.
Central overheads reduced by 4% with reduction in staffing levels for after ‐sales service and cost savings
initiated early in 2009.
Finance Director’s Review
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 9 The Group has two non ‐recurring items in 2009, as follows:
• Provision against Cabvision Limited debtor – As disclosed in note 23, related party transactions, Cabvision 
Limited has been involved in legal cases during the last year. Following the initial findings against 
Cabvision Limited in December 2009, the Group believed it prudent to provide against this debtor. The debtor
relates to interest accrued on loans to Cabvision Limited, which were provided against prior to flotation.
• Insurance claim – the Group received £297,000 from its insurance company relating to the closure of one of 
the workshops for a large proportion of 2008, due to a fire.
Consolidated statement of financial position
During the year inventories have reduced from £4.2m to £2.7m. This was mainly due to a decrease in
consignment stock from £3.2m to £1.2m over the same period. The improvement in used sales as well as
reducing exposure to LTI stock has contributed to this reduction. Total assets have reduced accordingly from
£10.4m to £9.0m.
Working Capital
There has been a reduction in net debt during the year from £3.1m to £2.4m. Further headroom is available
for consignment stock with £1.2m utilised of the £2.5m facility with Mercedes-Benz. The Group also has a
£1.0m facility with Mercedes-Benz and Singers Asset Finance for used vehicles, which had £0.4m utilised at
the year end.
On 2nd June the Group entered into a new 5 ‐year loan agreement with KPM ‐UK Taxis Plc Discretionary
Pension Scheme, whose beneficiaries are Peter DaCosta, Michael Troullis and Keith Marder. This loan
agreement will provide funding of £0.85m to repay the HBOS overdraft and provide working capital for the
growth of the business. Interest will be payable at a fixed rate of 5% with the loan being repaid annually in
equal instalments over the 5 year loan term. The KPM ‐UK Taxis Plc discretionary pension scheme will have a
first fixed and floating charge over the assets of the Group, excluding the leasehold property. The provision of
the loan under the agreement is classified as a related party transaction for the purposes of the AIM Rules for
Companies. Accordingly, the independent Directors (being all of the Directors other than Peter DaCosta,
Michael Troullis and Keith Marder), having consulted with Numis Securities Limited (in its capacity as the
Company's nominated adviser), confirm that they are satisfied that the terms of the agreement are fair and
reasonable insofar as shareholders in the Company are concerned.
The group renegotiated its mortgage facility with Barclays following revised covenants being agreed in line
with expected future trading and waiver of previous non ‐compliance with the terms of the facility, which in
the current financial market, have resulted in higher interest rate margins.
In May 2010, the Group has also agreed inclusion of second tier manufacturing costs and licence fees within
the stocking loan facility provided by Mercedes ‐Benz, thereby funding the full cost of the vehicle.
David Trendle
2 June 2010
9
Finance Directors Review
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 10 Eco City Vehicles Plc. Reports and Accounts 2009 10
Tim Yeo (Non-Executive Chairman)
Tim Yeo has been MP for South Suffolk since 1983. He held various Ministerial posts under Margaret Thatcher
and John Major, including Minister of State at the Department of the Environment. Between 1998 and 2005
he was a member of the Shadow Cabinet, shadowing a record seven different departments. From 2005 to
2010 he was Chair of the Environmental Audit Committee. Tim holds a number of non ‐executive directorships
in the energy and transport sectors including Groupe Eurotunnel SA, ITI Energy Ltd and AFC Energy Plc.
Peter DaCosta (Chief Executive Officer)
Peter DaCosta is a founder and Director of KPM ‐UK and has been Chairman since 1975. Peter was responsible
for London Taxis International making KPM ‐UK a Main Dealer. Peter is a prominent figure within the industry.
Peter is a Freeman of the City of London, and a Fellow of both the Institute of Directors and the Institute of
the Motor Industry. He is also Chairman of the Independent Taxi Dealers Association.
Michael Troullis (Chief Operating Officer)
Michael Troullis is a founder and Director of KPM ‐UK. Michael has significant coach building experience and is
accredited with the following qualifications: Fellow for the Institute of the Motor Industry (FIMI), Member of
the Institute of Directors, Thatcham’s Certificates of Competence for welding including BS 1140 and BS 4872,
VOSA nominated MOT Tester and VOSA authorised MOT Examiner. Michael headed the team that instituted
ISO9001/2000 for KPM ‐UK and is also head of KPM Group’s Health and Safety Team.
Keith Marder (Chief Technical Officer)
Keith Marder is a founder and Director of KPM ‐UK. Before setting up KPM-UK, Keith served his apprenticeship
with York Way Motors, a taxi fleet operator. Keith obtained his City and Guilds at Southgate Technical College
and is accredited with the following qualifications: Fellow for the Institute of the Motor Industry (FIMI),
Certified Automotive Engineer (CAE), National Craftsman Certificate and Authorised MOT Examiner. Keith is
KPM’s Senior Technical Director.
David Trendle (Finance Director)
David Trendle is a Fellow of the Institute of Chartered Accountants in England and Wales and brings a wealth
of experience at growth companies. Prior to joining eco city vehicles plc, he was Finance Director at Mvision
Video Networks Ltd where he was instrumental in the sale of the telecoms division and the subsequent
restructuring and development of the business. Prior to that he spent almost six years as Finance Director at
Thomson Intermedia Plc (now Ebiquity Plc; LSE:EBQ), where he played a significant role in moving the group
into profitability and driving growth through a joint venture, acquisition and organic expansion
Directors’ Biographies
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 11 Jeremy Fenn (Non-Executive Director)
Jeremy Fenn has been a director of the Company since February 2004, acting historically as Managing and
Finance Director. Jeremy was Chief Executive of Sports Internet Plc when it was sold to BskyB Plc for £301
million in July 2000. He remained as an executive director of Skysports.com, a trading division of BskyB Plc,
until 11 January 2004. Before joining Sports Internet Group in July 1999 he was Managing Director of Leeds
United Holdings Plc for three years, and left them having reported record profits, minimal debt and a fourth
place finish in the Premiership. Prior to this he held Finance Director positions at a number of media
companies, having qualified as a chartered accountant with Coopers & Lybrand in 1988. He was a founding
shareholder of DITG and TGC which were both sold to Yoomedia Plc in December 2004. He is currently
Managing Director of Mobile Tornado Group Plc and a director of SSI Computer Services Limited.
Guy Saxton (Non-Executive Director)
Guy Saxton is a director of a number of companies including the Board of Countermine Plc and a leading
Corporate Adviser with New World Capital Management which represents Equilateral Limited in the UK. He
was previously a Director of Fidelity Brokerage, part of the world’s largest fund management and brokerage
firm. Mr Saxton has been involved in the financial sector since 1988 when he started work in the City of
London with AXA, the world’s second largest fund manager.
John Swingewood (Non-Executive Director)
John Swingewood has been a director of the Company since 2004, acting historically as Non ‐Executive
Chairman. John founded both DITG and TGC in 2001 having previously been responsible for launching
interactive TV sports betting whilst Director of New Media at Sky. Before joining Sky, he held a number of
positions at British Telecom including Director of Internet and Multimedia, and General Manager, Broadcast TV
Services. John was a founding shareholder of DTIG and TGC which were both sold to Yoomedia Plc in December
2004. He is currently a Non ‐Executive Director of Mobile Tornado Group Plc.
11
Directors’ Biographies
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 12 Eco City Vehicles Plc. Reports and Accounts 2009 12
The Directors have pleasure in submitting this report together with the financial statements of eco city
vehicles plc (“the Company”) and its subsidiary undertakings (together “the Group”) for the year ended 31
December 2009.
Principal Activities
The principal activity of the Group is an established specialist vehicle distributor and a leading after ‐sales
service centre for the London Taxi owner ‐driver market. Eco City Vehicles is a public listed company,
incorporated and domiciled in England, with its shares quoted on the AIM Market.
Preparations of accounts
The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) including International Accounting Standards (“IAS”) and International Financial
Reporting Interpretations Committee (“IFRIC”) interpretations and with those parts of company law applicable
to companies reporting under accounting standards as adopted for use in the European Union (“EU”). The
consolidated financial statements have been prepared under the historic cost convention, as modified to
include the fair valuation of financial assets and derivative financial instruments.
Business review and future developments
Details of the Group’s performance and expected future developments are set out in the Chief Executive
Officer’s Review on page 6 and 7.
Results and Dividends
The Group made a loss before tax for the year of £0.39m (2008: loss of £0.7m), with a basic loss per share of
0.13 pence (2008: 0.23 pence), from continuing operations.
No dividends have been paid or declared during the period by eco city vehicles plc.
The consolidated statement of financial position shows that the Group’s financial position remains strong with
total assets of £9.0m (2008: £10.4m).
Going concern
Based on the Group’s plans for 2010 and after making enquiries, the Directors have a reasonable expectation
that the Group has adequate resources available from funds generated from trading and from loan finance to
continue operations for at least 12 months from the date of signing of these financial statements. For this
reason they continue to adopt the going concern basis in preparing the financial statements.
The Board have undertaken extensive detailed forecasting of Group activity through to December 2012. Based
on actual sales in 2009 and early 2010 of the new Mercedes Vito Taxi and used taxi sales, it has been possible
to project vehicle sales and after ‐sales revenue and profitability until the end of 2012.
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 13 The performance of the business within the current economic climate has been objectively assessed and
reported upon internally, and the Board has a clear view of the medium term trading conditions. In addition
the market acceptance of the new Vito Taxi is now known, given unit sales, customer feedback and press
opinion. These two aspects lead the Board to have confidence in their forward projections of going concern.
On 2nd June the Group entered into a new 5 ‐year loan agreement with KPM ‐UK Taxis Plc Discretionary
Pension Scheme, whose beneficiaries are Peter DaCosta, Michael Troullis and Keith Marder. This loan
agreement will provide funding of £0.85m to repay the HBOS overdraft and provide working capital for the
growth of the business. Interest will be payable at a fixed rate of 5% with the loan being repaid annually in
equal instalments over the 5 year loan term. The KPM ‐UK Taxis Plc discretionary pension scheme will have a
first fixed and floating charge over the assets of the Group, excluding the leasehold property.
The Eco Truck venture due to be launched in the second half of 2010 is the subject of separate negotiations
for funding and did not form part of the detailed forecasting regarding going concern, save that it is the
Boards’ opinion that it cannot be funded from current working capital generated by the Group. The new
venture therefore does not pose an additional working capital drain on currently projected resources derived
from the core business. The Board are encouraged that funding institutions have expressed a willingness to
support the launch of the new vehicle with additional facilities.
Directors
The Directors who held office since 1 January 2009 were as follows:
Tim Yeo
Peter DaCosta
Michael Troullis
Keith Marder
Jeremy Fenn
John Swingewood
Guy Saxton
David Trendle was appointed to the Board on 8 April 2010.
Biographies of all the above current Directors are given on pages 10 and 11.
13
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 14 Eco City Vehicles Plc. Reports and Accounts 2009 14
Directors’ Interests
The interests of Directors in the shares of the company were as follows:
On 31 December 2009 On 1 January 2009
Ordinary Shares of 1p each Ordinary Shares of 1p each
Tim Yeo 2,400,000 2,400,000
Peter DaCosta 80,001,600 80,001,600
Michael Troullis 80,001,600 80,001,600
Keith Marder 79,996,800 79,996,800
Jeremy Fenn 6,250,000 6,250,000
John Swingewood 6,250,000 6,250,000
Guy Saxton 2,400,000 2,400,000
The beneficial holdings disclosed above include, where applicable, the holdings of immediate family. None of
the Directors had a material interest in any significant contracts undertaken by the Group during the year.
None of the Directors had any beneficial interest in the shares of any subsidiary companies.
The Directors undertook that until 11 October 2009 they would only dispose of their interests in the Company
through Numis Securities Limited, the Company’s Nominated Adviser and Nominated Broker.
The Company has entered into deeds of indemnity for the benefit of each Director of the Company and for the
benefit of each person who was a Director during the period under the review, in respect of liabilities to
which they may become liable in their capacity as Director of the Company and of any company in the Group.
These indemnities are qualifying third party indemnity provisions within the meaning given to that term by
Section 234 of the Act, and all these indemnities remain in force.
Share capital
The authorised share capital of the Company is £6,000,000 divided into 600,000,000 ordinary shares of 1p
each. 302,050,200 ordinary shares of 1p each are in issue, fully paid. There were no changes in the share
capital of the Company during the year under report.
Substantial Shareholdings
As at 11 December 2009, the following interests in 3% or more of the issued ordinary share capital had been
notified to the Company.
Shareholder Number of shares Percentage of issued share capital
Mr. P DaCosta 80,001,600 26.5%
Mr. M Troullis 80,001,600 26.5%
Mr. K Marder 79,996,800 26.5%
Brewin Nominees Ltd 14,703,100 4.9%
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 15 Risks and uncertainties
The Board of Directors continuously identify, monitor and manage potential risks and uncertainties relating to
the Group. The risks are inherent in all business. The list below sets out certain risk factors which could have
an impact on the Group’s long term performance. The list is not presumed to be exhaustive, and by its nature
is subject to change.
The main risks arising from Group’s operations are credit risk, interest rate risk, liquidity risk, competition risk,
dependence on key personnel, loss of franchise dealerships, and breakdown of internal control due to fraud or
error. The Directors review and agree policies for managing each of these risks and they are summarised below:
Credit risk
The Group’s credit risk is primarily attributed to trade and other receivables. The maximum credit risk
exposure of the Group comprises the amounts presented in the balance sheet that are stated net of
provisions, where appropriate. A provision is made where there is an identified loss event which, based on
previous experience, is evidence of a reduction in the recoverability of future cash flows. The Group does not
consider these counterparties to be a significant credit risk.
Interest rate risk
The main risk arising from the Group’s cash deposits and borrowings is changes in interest rates. The Board’s
policy toward cash deposits is to deposit cash short term in interest bearing bank deposit accounts. The Group
entered into an interest rate swap to fix the interest rate on the mortgage for its manufacturing facility in
Coventry for the duration of the mortgage. After the year end the Group secured new borrowings at fixed
interest rate and repaid its overdraft facility with HBOS, which had a variable interest rate.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable
needs and to invest cash assets safely and profitably.
Short term flexibility is achieved through overdraft facilities with Barclays.
Competition Risk
The dominant market sector for Group revenue is the selling and servicing of London taxis produced by
London Taxi International and Mercedes-Benz. The Group’s subsidiary, KPM ‐UK Taxis Plc (KPM) has exclusive
rights to distribute the Mercedes Vito Taxi within London and this limits the extent of competition risk. One80
Limited, an associated company, owns the intellectual property rights for the rear wheel steer technology
which enables the Mercedes ‐Benz Vito to meet the Conditions of Fitness and hence provides a barrier to entry
for the regulated markets. Nevertheless should another manufacturer produce a vehicle that meets the
Conditions of Fitness of the Public Carriage Office of Transport for London or Conditions of Fitness regulations
are reduced, then KPM would face additional competition for London taxi sales. Given that 75% of Group
revenue is generated by taxi sales, such competition would represent a material risk. However the Board are
not aware of any new entrant to the market place at the current time.
15
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 16 Eco City Vehicles Plc. Reports and Accounts 2009 16
In addition the Group are in the process of bringing new products to market that will reduce the overall reliance
on taxi sales and so reduce the impact on the Group should a new taxi be brought to market by a competitor.
Dependence on key personnel
The Group depends upon the expertise and continued service of key executives and other personnel. 
The Group ensures that the key personnel are retained by offering competitive pay and provide long term
incentives by granting them share options.
Loss of Franchise Dealership
During the year the Group were notified that its LTI dealership would terminate in July 2010. The after ‐sales
servicing, repairs and parts contract has been renegotiated with LTI and continues along with a dealership for
used LTI taxis. The impact of this event is minimal. Currently the after ‐sales and used sales relating to LTI
vehicles forms the majority of the revenue for these segments, the loss of which would require restructuring
of operations. The continued success of the Mercedes-Benz Vito and the introduction of an LCV dealership with
Mercedes-Benz will continue to form a greater share of this revenue in the future.
Internal control
The Group does not employ an internal audit team but ongoing review of systems and adherence to these
systems is undertaken by the finance team and reviewed by Directors.
Creditors’ payment policy
It is policy of the Group to agree appropriate terms and conditions for its transactions with suppliers (ranging
from standard written terms to individual negotiated contracts) and for payment to be made in accordance
with these terms, provided the supplier has complied with its obligations. The average credit period taken for
trade purchases is 46 days (2008 : 74 days).
Environment
The Group acknowledges the importance of environmental matters within its role in the community. The Group
has established initiatives to reduce the impact on the environment from its operations and is working with key
suppliers, partners and external agencies to ensure environmental concerns are considered in conjunction with
economic factors. In particular, the Group seeks to provide services to environmentally friendly taxis.
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 17 Disabled employees
The Group has continued to give full and fair consideration to applications made by disabled persons, having
regard to their respective aptitudes and abilities, and to ensure that they benefit from training and career
development programmes in common with all employees. In the event of employees becoming disabled,
every effort is made to retrain them in order that their employment with the Group may continue.
It is the policy of the Group that training, career development and promotion opportunities should be
available to all employees.
The Group has continued its policy of employee involvement by making information available to employees
through the medium of frequent staff meetings, together with personal appraisals and feedback sessions.
Share options
The Company’s policy is to reward and provide long ‐term incentives to employees by granting them share
options. Details of share options granted at the reporting date are provided in note 5 to the Group 
financial statements.
Statement on Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and financial statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the Company and Group as at the end of financial period and of the
profit or loss of the Group for the financial period. The Company’s shares are traded on the Alternative
Investment Market (“AIM”) of the London Stock Exchange, the rules of which are that the Directors are
required to prepare the Group’s financial statements in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union. The Directors have elected to prepare the parent
company financial statement in accordance with United Kingdom Generally Accepted Accounting Practice (UK
GAAP). In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• for the Group financial statements, state whether applicable IFRSs have been followed, subject to any 
material departures disclosed and explained in the financial statements;
• for the Parent Company financial statements, state whether applicable UK Accounting Standards have 
been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 
Group and the company will continue in business.
17
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 18 Eco City Vehicles Plc. Reports and Accounts 2009 18
The Directors are responsible for keeping adequate accounting records which disclose with reasonable
accuracy at any time the financial position of the Company and to enable them to ensure that the financial
statements comply with the Companies Act 2006.
They have general responsibility for taking such steps as are reasonably open to them to safeguard the
assets of the Group and Company, and to prevent and detect fraud and other irregularities.
The Directors are responsible for maintenance and integrity of the corporate and financial information
included on the Company’s website. Legislation in United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Statement to Auditors
The directors who held office at the date of approval of this Directors’ Report confirm that, so far as they are
each aware, there is no relevant audit information of which the Company’s auditors are unaware, and each
Director has taken all the steps that he ought to have taken as a Director to make him aware of any relevant
audit information and to establish that the Company’s auditors are aware of that information.
Auditors
Grant Thornton UK LLP have expressed their willingness to continue in office. A resolution to appoint them will
be proposed at the forthcoming Annual General Meeting.
Annual General Meeting Business
The resolutions to be proposed at the forthcoming Annual General Meeting are set out in the formal notice of
the meeting, as set out on pages 72 to 82.
Recommendation
The Board considers that the resolutions to be proposed at the Annual General Meeting are in the best
interests of the shareholders and, accordingly, recommends that the shareholders vote in favour of the
resolutions, as the Directors intend to do in respect of their own beneficial shareholdings in the Company.
The Directors’ report was approved by the Board on 2 June 2010 and signed on its behalf by:
Peter DaCosta  
Director
Company number 04998151
Directors’ Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 19 19
Corporate Governance Statement
The Company’s shares are traded on the Alternative Investment Market (“AIM”) of the London Stock Exchange.
The Company is therefore subject to the AIM Admission Rules of the London Stock Exchange and is not
consequently required to comply with the best practice governance provisions contained within the Combined
Code appended to the Listing Rules of the Financial Services Authority. However, the Directors recognise the
importance of sound corporate governance, as set out in the Combined Code, and the following are the
company’s current corporate governance procedures.
Tim Yeo and Guy Saxton, Non ‐executive Directors, have been granted share options. The Board recognises that
the holding of share options by Non ‐executive Directors is not consistent with the recommendations of the
Combined Code. However, the Board considers that both the directors are independent in character and
judgment and that there are no relationships or circumstances (including financial dependence on their
relationships with the Company) which are likely to affect, or could appear to affect, their judgment as a
Non ‐executive Director.
The Company has adopted a model code for Directors’ dealings in securities of the Company which is
appropriate for a Company quoted on AIM. The Directors will comply with Rule 21 of the AIM Rules relating to
Directors’ dealings and will take all reasonable steps to ensure compliance by the Company’s “applicable
employees” (as defined in the AIM Rules).
Board of Directors
The Company is headed by an effective and objective Board which is collectively responsible for setting the
Company’s strategic aims. The Board has put in place a framework of prudent and effective controls which
enables strategy, budget and risks to be assessed and analysed. All major decisions concerning the
management of risk, the recruitment of key staff, investor communications, strategic investments and the
entering into material contracts are approved by the Board in advance. On admission the Board constitution
included four Executive and four Non ‐executive Directors. Since admission one of the Executive Directors has
resigned and a new Executive Director has been appointed in April 2010.
The Board considers all the Non ‐executive Directors to be independent in accordance with the requirements of
the Code. All committees, as well as Directors individually, have the authority to access independent
professional advice at the Company’s expense. All the Directors have written letters of appointment that have
been approved by the Board. The committees have written terms of reference which are reviewed annually.
The Board meets on a regular basis, usually monthly, or otherwise as may be required to ensure the
satisfactory execution of its duties.
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 20 Eco City Vehicles Plc. Reports and Accounts 2009 20
Corporate Governance Statement
Board Meetings
15 board meetings were held during 2009. The director’s attendance record during the period is as follows:
Tim Yeo (Non-Executive Chairman) 14
Peter DaCosta (Chief Executive Officer) 15
Michael Troullis (Chief Operating Officer) 10
Keith Marder (Chief Technical Officer) 12
Jeremy Fenn (Non-Executive Director) 12
John Swingewood (Non-Executive Director) 12
Guy Saxton (Non-Executive Director) 12
Steve Ryder (Company Secretary/Financial Controller) attended all board meetings by invitation to report
upon financial matters.
Audit Committee
An audit committee, comprising Jeremy Fenn, Tim Yeo and John Swingewood, has been established to
determine the application of the financial reporting and internal control principles, including reviewing the
effectiveness of the Group’s financial reporting, internal control and risk management procedures and the
scope, quality and results of the external audit.
The Audit Committee is chaired by Jeremy Fenn and meetings are held on average twice a year and may also
be attended, by invitation, by the Executive Directors and by the auditors.
The committee provides a forum for reporting by the Group’s external auditors. It is also responsible for
reviewing a number of other matters, including half ‐year and annual results before their submission to the
Board and for monitoring the controls that are in force to ensure the integrity of information reported to
shareholders. The committee also advises the Board on the appointment of external auditors and on their
remuneration for both audit and non ‐audit work, and will review the nature, scope and results of the audit
with the external auditors.
Remuneration Committee
A remuneration committee, comprising Tim Yeo, Guy Saxton and John Swingewood, has been established to
review the performance of the Executive Directors and will set their remuneration and consider bonus and
share option schemes.
The Remuneration Committee is chaired by Guy Saxton. Meetings are expected to be held on average twice a
year. The committee is responsible for making recommendations to the Board, within agreed terms of
reference, on the Company’s framework of executive remuneration and its cost. The Remuneration Committee
determines the contract terms, remuneration and other benefits for the Executive Directors, including
performance related bonus schemes and compensation payments. No Director will take part in discussions
concerning their own remuneration.
The Board determines compensation for Non ‐executive Directors.
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 21 Board appointments
The appointment of Directors is overseen by the full Board. There is no formal nominations committee, the
appointment of new Directors being considered by the full Board.
Internal control
The Directors are responsible for ensuring the Group maintains a system of internal control to provide them
with reasonable assurance regarding the reliability of financial information used within the business and for
publication and that the assets are safeguarded. The inherent limitations in any system of internal control and
accordingly even the most effective system can provide only reasonable, but not absolute, assurance with
respect to the preparation of financial reporting and the safeguarding of assets.
The Group, in administering its business, has put in place strict authorisation, approval and control levels
within which senior management operates. These controls reflect the Group’s organisational structure and
business objectives. The control system includes clear lines of accountability and covers all areas of the
organisation. The Board operates procedures which include an appropriate control environment through the
definition of the above organisation structure and authority levels and the identification of the major 
business risks.
Internal financial reporting
The Directors are responsible for establishing and maintaining the Group’s system of internal reporting and as
such have put in place a framework of controls to ensure that the ongoing financial performance is measured
in a timely and correct manner and that risks are identified as early as is practicably possible. There is a
comprehensive budgeting system and monthly management accounts are prepared which compare actual
results against both the budget and the previous year. They are reviewed and approved by the Board, and
revised forecasts are prepared on a regular basis.
Relations with shareholders
The Company reports to shareholders twice a year. The Company dispatches the notice of its Annual General
Meeting, together with a description of the items of special business, at least 21 clear days before the
meeting. Each substantially separate issue is the subject of a separate resolution and all shareholders have
the opportunity to put questions to the Board at the Annual General Meeting. The chairman of the Audit and
Remuneration Committees normally attend the Annual General Meeting and will answer questions which may
be relevant to their work. The Chairman advises the meeting of the details of proxy votes cast on each of the
individual resolutions after they have been voted on in the meeting.
The Chairman and the Non ‐executive Directors intend to maintain a good and continuing understanding of the
objectives and views of the shareholders.
21
Corporate Governance Statement
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 22 Statement of compliance
This report does not constitute a Directors’ Remuneration Report in accordance with section 420 of the
Companies Act 2006, which do not apply to the Company as it is not fully listed.
The Company has applied the principles relating to Directors’ remuneration as described below.
Scope and membership of Remuneration Committee
The Committee comprises the independent Non ‐Executive directors Tim Yeo, John Swingewood and Guy
Saxton, who chairs the committee. The Remuneration Committee has formal terms of reference.
At the invitation of the committee chairman, Executive Directors may attend the proceedings, but are not
present when their own remuneration is under consideration.
The purpose of the Remuneration Committee is to review, on behalf of the Board, the remuneration,
determine incentives and other benefits, compensation payments and terms of employment for the Executive
Directors. It seeks to provide a remuneration package that aligns the interests of the Executive Directors with
that of the shareholders.
None of the committee members has any personal financial interests (other than as shareholders) or conflicts
of interest arising from cross ‐directorships. The committee has access to professional advice from inside and
outside the Company.
Remuneration policy
The objective of the Groups’ remuneration policy is to attract, motivate and retain management with the
appropriate professional, managerial and operational expertise necessary to realise the Group’s objectives.
It is the Group’s policy that all Executive Directors’ service contracts contain a minimum 12 months’ notice
period. The Non ‐Executive Directors have letters of appointment with the Group which have notice periods of
three months, and include a non ‐compete restriction for six months.
The remuneration of the Non ‐Executive Directors is determined by the Board. The Non ‐Executive Directors do
not receive any pension or other benefits other than out of pocket expenses, from the Group, nor do they
participate in any bonus schemes.
The remuneration agreed by the Committee for each of the Executive Directors contains the following
elements: a base salary, benefits, and share option incentives. The following sections provide an outline of
the Group’s remuneration policy.
Base Salary
Service contracts exist for each Executive Director that set contractual obligations. The Committee establishes
salaries and benefits by reference to those prevailing in the employment market generally for Executive
Directors of companies of comparable status and market value. Reviews of such base salary and benefits are
conducted by the Committee having regard to wage inflation in the economy. No salary increases were
awarded to the existing members of the board in 2009, nor are any currently proposed for 2010.
Eco City Vehicles Plc. Reports and Accounts 2009 22
Directors’ Remuneration Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 23 23
Share incentives
The Directors believe that attracting, motivating and retaining employees of appropriate calibre is vital to the
continued success of the Group. The continued incentivisation of key employees is very important, as their
skills and experience, and their supplier and customer relationships are vital to the continued success of the
Group. The eco city vehicles plc EMI Scheme and an unapproved share option plan have been put in place in
order to incentivise and remunerate key employees and senior management, including the Directors, as the
Board of the Company considers appropriate.
As at 31 December 2009 the Company had granted the following options to directors of the Company
pursuant to the terms of the Enterprise Management Incentive (EMI) Scheme and the Unapproved Scheme.
Exercise price Number of
per Ordinary Ordinary Shares
Option Holder Share under option Option Type Grant Date
Guy Saxton 5p 750,000 Unapproved Scheme 11 October 2007
Tim Yeo 5p 750,000 Unapproved Scheme 11 October 2007
The share options granted to the directors are exercisable any time between three and ten years.
The Group also grants share options to senior employees below Board level, under the Groups’ EMI scheme.
Options are exercisable any time between three and ten years. No options were granted during the year, and
details on the number of options outstanding at 31 December 2009 are given in note 5.
Share price chart
Set out below is a graph of the Group’s share price performance for 2009, benchmarked against the
Automobile index and Manganese Bronze Holdings Plc, a manufacturer of London Taxis.
Directors’ Remuneration Report
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 24 Emoluments
The aggregate emoluments of the Directors for the year were as follows:
Total
Basic Benefits Total period
2009 2009 2009 2008
£000 £000 £000 £000
Non ‐executive directors
Tim Yeo 40,000 ‐ 40,000 40,000
Jeremy Fenn 18,000 ‐ 18,000 18,000
John Swingewood 18,000 ‐ 18,000 18,000
Guy Saxton 18,000 ‐ 18,000 18,000
Executive directors
Peter DaCosta 120,000 33,745 153,745 130,671
Michael Troullis 120,000 17,188 137,188 134,161
Keith Marder 120,000 11,062 131,062 134,341
Rob Smith (resigned in February 2008) ‐‐ ‐ 6,425
454,000 61,995 515,995 499,598
Benefits above include car allowance. The Group does not operate a defined benefit pension scheme.
Non ‐executive Directors
The remuneration of Non ‐executive Directors is determined by the Board, and is based upon fees paid to
Non ‐executive Directors of similar companies.
Details of Directors’ remuneration
This report should be read in conjunction with note 6 to the financial statements which constitutes part of this
report. Details of Directors’ interests in ordinary shares and warrants are set out in the Directors’ Report.
By order of the Board.
Guy Saxton  
Remuneration Committee Chairman
2 June 2010
Eco City Vehicles Plc. Reports and Accounts 2009 24
Directors’ Remuneration Report
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We have audited the group financial statements of eco city vehicles plc for the year ended 31 December 2009
which comprise the consolidated statement of comprehensive income, the consolidated statement of financial
position, the consolidated statement of changes in equity, the consolidated statement of cash flows and the
related notes. The financial reporting framework that has been applied in their preparation is applicable law
and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s
members those matters we are required to state to them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities Statement set out on pages 15 and 16, the Directors
are responsible for the preparation of the Group financial statements and for being satisfied that they give a
true and fair view. Our responsibility is to audit the Group financial statements in accordance with applicable
law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the
Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB's website at
www.frc.org.uk/apb/scope/UKNP
Opinion on financial statements
In our opinion the Group financial statements:
• give a true and fair view of the state of the Group's affairs as at 31 December 2009 and of the Group's loss 
for the year then ended;
• have been properly prepared in accordance with IFRS as adopted by the European Union; and
• have been prepared in accordance with the requirements of the Companies Act 2006
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the group
financial statements are prepared is consistent with the group financial statements.
Independent auditor's report to the 
members of eco city vehicles plc
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 26 Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the parent company financial statements of eco city vehicles plc for the year
ended 31 December 2009.
Philip Westerman
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
2 June 2010
Eco City Vehicles Plc. Reports and Accounts 2009 26
Independent auditor's report to the 
members of eco city vehicles plc
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 27 Year ended Year ended
31 December 31 December
2009 2008
Notes £000 £000
Revenue 3 24,672 19,026 
Cost of sales (20,544) (14,928)
Gross profit 4,128 4,098
Administrative expenses (4,717) (4,996)
Other operating income 4 661 318  
Operating profit/(loss) before non ‐recurring items 72 (580)
Non ‐recurring items 4 (207) ‐
Operating loss 4 (135) (580)
Finance income 7 127 314
Finance costs 7 (345) (347)
Share of loss from equity accounted investments 11 (40) (90) 
Loss before taxation (393) (703)
Taxation 8 14 20
Loss for the period from continuing operations (379) (683)
Loss for the year from discontinued activities 27 (415) (564)  
Total comprehensive loss for the period (794) (1,247)
Loss per share Pence Pence
Basic and diluted earnings per share :
Loss from continuing operations (0.13) (0.23)
Loss from discontinued operations (0.14) (0.19)
Total loss per share 9 (0.27) (0.42)
Non GAAP measure:
Adjusted loss per share from continuing operations 9 (0.06) (0.23)
27
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2009
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 28 Eco City Vehicles Plc. Reports and Accounts 2009 28
As at As at
31 December 31 December
2009 2008
Notes £000 £000
Non current Assets
Property, plant and equipment 10 2,616 2,837
Investments accounted for using the equity method 11 1,070 1,110  
Total non ‐current assets 3,686 3,947
Current Assets
Inventories 12 2,689 4,228
Trade and other receivables 13 2,386 2,148
Cash and cash equivalents 14 256 47 
Total current assets 5,331 6,423
Total assets 9,017 10,370
Equity and liabilities 
Equity
Equity attributable to owners of the parent:
Share capital 3,021 3,021
Share premium 1,922 1,922
Share based payment reserve 31 17
Reverse acquisition reserve (1,709) (1,709)
Retained deficit (2,694) (1,900)
Total equity 571 1,351
Current liabilities
Borrowings 16 2,657 3,110
Trade and other payables 15 5,768 5,886
Total current liabilities 8,425 8,996
Non current liabilities
Borrowings 16 21 9
Deferred tax liability 18 ‐ 14
Total non ‐current liabilities 21 23
Total liabilities 8,446 9,019
Total equity and liabilities 9,017 10,370
The financial statements were approved and authorised for issue by the Board on 2 June 2010.
Tim Yeo Peter Dacosta
Non ‐Executive Chairman Chief Executive Officer
Consolidated statement of financial position
As at 31 December 2009
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Consolidated statement of changes in equity
As at 31 December 2009
Share based Reverse 
Share Share payment aquisition Retained
capital premium reserve reserve deficit Total
£000 £000 £000 £000 £000 £000
At 1 January 2008 3,021 1,922 3 (1,709) (653) 2,584
Total comprehensive loss for the period - - - - (1,247) (1,247)
Share based payment - - 14 - - 14 
At 31 December 2008 3,021 1,922 17 (1,709) (1,900) 1,351
At 1 January 2009 3,021 1,922 17 (1,709) (1,900) 1,351
Total comprehensive loss for the period - - - - (794) (794)
Share based payment - - 14 - - 14 
At 31 December 2009 3,021 1,922 31 (1,709) (2,694) 571
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 30 Eco City Vehicles Plc. Reports and Accounts 2009 30
Consolidated statement of cash flows
For the year ended 31 December 2009
Year ended Year ended
31 December 31 December
2009 2008
Notes £000 £000
Operating activities
Loss before tax (393) (703)
Adjustments 22 391 320
Net changes in working capital 22 1,476 (2,506)
Cashflow from operating activities 1,474 (2,889) 
Investing activities
Interest received 127 316
Purchase of property, plant and equipment (52) (577)
Proceeds from sale of property, plant and equipment ‐ 71
Purchase of equity investments ‐ (245) 
Cashflow from investing activities 75 (435) 
Financing activities
Interest paid (345) (347)
Repayments of mortgages (150) (119)
Proceeds from mortgages ‐ 2,150
Repayments of finance leases (98) (61) 
Cashflow from financing activities (593) 1,623
Cash and cash equivalents at beginning of period (934) 1,262
Net change in cash and cash equivalents from continuing operations 956 (1,701)
Net change in cash and cash equivalents from discontinued operations 27 (391) (495)
Cash and cash equivalents at end of period 24 (369) (934)
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 31 31
Notes to the Group’s Financial Statements
For the year ended 31 December 2009
1. General Information
eco city vehicles plc is a company incorporated in the United Kingdom and listed on the AIM market. The
address of the registered office is Hemming House, Hemming Street, London, E1 5BL.
The Group is engaged in the sale and service of new and used taxicabs to owner operators of licensed taxis in
London and the provision of related services and the sale and service of low emissions vehicles to business
users. During the financial year the Group continued to operate from a single site in East London from where
it conducted all operations. The premises in Coventry is partially sublet to two tenants, with the remaining
area to be used to facilitate geographic expansion.
These financial statements are presented in British Pounds Sterling, the currency of the primary economic
environment in which the Group operates. The Group comprises eco city vehicles plc and its subsidiary and
associate companies as set out in the Note 3 of the Parent Company’s financial statements.
2. Accounting policies
The principal accounting policies adopted in preparation of the Group’s financial statements are set out below.
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board
(IASB) as adopted by the European Union and with those parts of the Companies Acts applicable to companies
preparing their financial statements under IFRS. Practice is continuing to evolve on the application and
interpretations of IFRS. Further standards may be issued by the International Accounting Standards (IASB) and
standards currently in issue and endorsed by the EU may be subject to interpretations issued by IFRIC.
The financial statements have been prepared using the measurement basis specified by IFRS for each type of
asset, liability, income and expense. The measurement bases are more fully described in the detailed
accounting policies below.
The preparation of financial statements, in conformity with general accepted accounting principles under IFRS,
requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reported period. Although these estimates are based on management’s best knowledge of the amount,
event or actions, actual results may ultimately differ from those estimates.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation
of these consolidated financial statements.
IAS1 Presentation of Financial Statements (revised 2007) requires presentation of a comparative balance
sheet as at the beginning of the first comparative period, in some circumstances. Management considers that
this is not necessary this year because the 2008 Balance sheet is the same as that previously published.
Adoption of IFRS 8 ‘Operating Segments’ has resulted in redesignation of the Group’s reportable segments to
more closely follow internal management reporting.
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Notes to the Group’s Financial Statements
Going concern
Based on the Group’s plans for 2010 and after making enquiries, the Directors have a reasonable expectation
that the Group has adequate resources available from funds generated from trading and from loan finance to
continue operations for at least 12 months from the date of signing of these financial statements. For this
reason they continue to adopt the going concern basis in preparing the financial statements.
The Board have undertaken extensive detailed forecasting of Group activity through to December 2012. Based
on actual sales in 2009 and early 2010 of the new Mercedes Vito Taxi and used taxi sales, it has been possible
to project vehicle sales and after ‐sales revenue and profitability until the end of 2012.
The performance of the business within the current economic climate has been objectively assessed, and the
Board has a clear view of the medium term trading conditions. In addition the market acceptance of the new
Vito Taxi is a now known, given unit sales, customer feedback and press opinion. These two aspects lead the
Board to have confidence in their forward projections of going concern.
On 2nd June the group entered into a new 5 ‐year loan agreement with KPM ‐UK Taxis Plc Discretionary Pension
Scheme, whose beneficiaries are Peter DaCosta, Michael Troullis and Keith Marder. This loan agreement will
provide funding of £0.85m to repay the HBOS overdraft and provide working capital for the growth of the
business. Interest will be payable at a fixed rate of 5% with the loan being repaid annually in equal
instalments over the 5 year loan term. The KPM ‐UK Taxis Plc discretionary pension scheme will have a first
fixed and floating charge over the assets of the Group, excluding the leasehold property.
The company has successfully renegotiated its mortgage and overdraft facilities with Barclays following
revised covenants being agreed in line with expected future trading and waiver of previous non ‐compliance
with the terms of the facility, which in the current financial market, have resulted in a higher interest rate
margin. These negotiations were concluded after the year end and hence the borrowings have all been
treated as due in less than one year. The Board, therefore, do not envisage any shortfall in working capital
during the coming twelve months.
The Eco Truck venture due to be launched in the second half of 2010 is the subject of separate negotiations
for funding and did not form part of the detailed forecasting regarding going concern, save that it is the
Boards’ opinion that it cannot be funded from current working capital generated by the Group. The new
venture therefore does not pose an additional working capital drain on currently projected resources derived
from the core business. The Board are encouraged that funding institutions have expressed a willingness to
support the launch of the new vehicle with additional facilities.
Basis of consolidation
The financial statements incorporate the financial statements of the Company and subsidiaries controlled by
the Company made up to the year ended 31 December 2009.
Control is achieved where the Company has the power to govern the financial and operating policies of an
investee entity so as to obtain benefits from its activities. The financial statements of subsidiaries are
included in the financial statements from the date that control commences until the date that control ceases.
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 33 On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair
values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable
net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of
the identifiable net assets acquired (i.e. discount on acquisition) is credited to profit and loss in the period 
of acquisition.
The results of subsidiaries acquired or disposed of during the year are included in the Consolidated statement
of comprehensive income from the effective date of acquisition or up to the effective date of disposal, 
as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra ‐Group transactions, balances, income, expenses and unrealised gains are eliminated when preparing
the historical financial information. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent that there is no evidence of impairment.
Business combinations
Business combinations are accounted for using the purchase method. The cost of the acquisition is measured
at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed,
and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly
attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities
that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.
The Group has elected not to apply IFRS 3 “Business Combinations” retrospectively to business combinations
prior to the date of transition.
Investment in Associates
Associates are those entities over which the Group is able to exert significant influence but which are neither
subsidiaries nor interests in a joint venture. Investments in associates are initially recognised at cost and
subsequently accounted for using the equity method.
Acquired investments in associates are also subject to the purchase method. However, any goodwill or fair
value adjustment attributable to the Group’s share in the associate is included in the amount recognised as
investment in associates.
All subsequent changes to the Group’s share of interest in the equity of the associate are recognised in the
carrying amount of the investment. Changes resulting from the profit or loss generated by the associate are
reported within ‘Share of profit from equity accounted investments’ in the Consolidated statement of
comprehensive income. These changes include subsequent depreciation, amortisation or impairment of the 
fair value adjustments of assets and liabilities.
33
Notes to the Group’s Financial Statements
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Changes resulting from other comprehensive income of the associate or items recognised directly in the
associate’s equity are recognised in other comprehensive income or equity of the Group, as applicable.
However, when the Group’s share of losses in an associate equals or exceeds its interest in the associate,
including any unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or
constructive obligations or made payments on behalf of the associate. If the associate subsequently reports
profits, the investor resumes recognising its share of those profits only after its share of the profits exceeds 
the accumulated share of losses that has previously not been recognised.
Unrealised gains or losses on transactions between the Group and its associates are eliminated to the extent of
the Group’s interest in those entities. Where unrealised losses are eliminated, the underlying asset is also
tested for impairment losses from a Group perspective.
Amounts reported in the financial statements of associates have been adjusted where necessary to ensure
consistency with the accounting policies of the Group. 
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts
receivable for goods and services provided in the normal course of business, net of discounts, VAT and other
sales ‐related taxes.
Sales of goods comprise new and used taxis sales and related parts. These sales are recognised when goods
are delivered and title has passed.
Sales of services comprise servicing and repairs of taxis. These sales are recognised when the service has
been completed.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset’s net carrying amount.
Dividend income from investments is recognised when the shareholders’ rights to receive payment have 
been established.
Leasing
The Group as a lessee
In accordance with IAS 17, the economic ownership of a leased asset is transferred to the lessee if the lease
bears substantially all the risks and rewards related to the ownership of the leased assets.
Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the
present value of the minimum lease payments, each determined at the inception of the lease. The corresponding
liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are
apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of
interest on the remaining balance of liability. Finance charges are charged directly against income.
Depreciation on the relevant assets is charged to the Consolidated statement of comprehensive income.
Notes to the Group’s Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 35 All other leases are treated as operating leases. Their annual rentals are charged to the Consolidated
statement of comprehensive income on a straight line basis over the term of the lease.
Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight
line basis over the lease term.
The Group as a lessor
Rental income from operating leases is recognised on a straight ‐line basis over the term of the relevant lease.
Any initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised on a straight ‐line basis over the lease term.
Segmental reporting
Operating segments have been identified on the basis of internal reports that are regularly reviewed by the
chief operating decision maker to allocate resources and assess performance.
Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.
Expenditure for warranties is recognised as a provision when the related revenue is recognised.
Profit or loss from discontinued operations
A discontinued operation is a component of the entity that either has been disposed of, or is classified as held
for sale, and:
• represents a separate major line of business or geographical area of operations;
• Is part of a single co ‐ordinated plan to dispose of a separate major line of business or geographical area of 
operations; or
• Is a subsidiary acquired exclusively with a view to resale
Profit or loss from discontinued operations, including prior year components of profit or loss, are presented in
a single amount in the Consolidated statement of comprehensive income. This amount, which comprises the
post ‐tax profit or loss of discontinued operations and the post ‐tax gain or loss resulting from the
measurement and disposal of assets classified as held for sale, is further analysed in note 27.
The disclosures for discontinued operations in the prior year relate to all operations that have been
discontinued by the reporting date for the latest period presented.
35
Notes to the Group’s Financial Statements
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Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised
impairment loss.
Depreciation is charged so as to write off the cost of property, plant and equipment by annual instalments
over their estimated useful economic lives less estimated residual values, using either the straight line
method or reducing balance method depending on the class of asset. The periods generally applicable are:
Leasehold property ‐ over the term of the lease
Improvements to property ‐ over the term of the lease
Plant and machinery ‐ 20% on reducing balance
Fixtures and fittings ‐ 15% on reducing balance
Motor vehicles ‐ 25% on reducing balance
Residual values and useful economic lives are reviewed annually. Property, plant and equipment are assessed
for impairment annually or more often if events or changes in circumstances indicate that the carrying value
may not be recoverable. Where an impairment review is deemed necessary it is performed in accordance with
the policies set out below.
Impairment of assets other than goodwill and intangible assets with an indefinite life
At each balance sheet date, the Directors review the carrying amounts of the Group’s tangible and intangible
assets, other than goodwill and intangible assets with an indefinite life, to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the
asset does not generate cash flows that are independent from other assets, the Group estimates the
recoverable amounts of the cash ‐generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre ‐tax discount rate that
reflects current market assessments of the time value of the money and the risks specific to the asset which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash ‐generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (cash ‐generating unit) is reduced to its recoverable amount. An
impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease.
Impairment losses recognised for cash ‐generating units, to which goodwill has been allocated, are credited
initially to the carrying amount of goodwill. Any remaining impairment loss is charged pro rata to the other
assets in the cash ‐generating unit.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined had no impairment loss been recognised
for the asset (cash ‐generating unit) in the prior period. A reversal of an impairment loss is recognised in the
Consolidated statement of comprehensive income immediately.
Notes to the Group’s Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 37 Inventories and work in progress
Inventories and work in progress are stated at the lower of cost and net realisable value. Cost is calculated on
a first in and first out basis and includes attributable overheads, where appropriate. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be incurred in
marketing, selling and distribution. Where necessary, provision is made for slow moving and obsolete stock.
Stocks on consignment and their related obligations are recognised in current assets and creditors respectively
on adoption of the consignment stock where the risks and rewards of ownership pass to the Group.
Financial instruments
Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes
a party to the contractual provisions of the instrument.
Derivative financial instruments
The Group manages its exposure to movements in interest rates on its debt by entering into derivative
contracts for interest rate swaps. Derivative financial instruments are recognised in the balance sheet at fair
value with changes in the fair value recognised in the Consolidated statement of comprehensive income.
The Group has no foreign exchange derivatives
Loans and receivables
Loans and receivables are non ‐derivative financial assets with fixed or determinable payments that are not
quoted in an active market. They are included in current assets, except for maturities greater than 12 months
after the balance sheet date. Loans and receivables are initially recognised at fair value together with any
associated issue costs. After initial recognition, interest bearing loans are subsequently measured at amortised
cost using the effective interest method, with interest expense recognised on an effective yield basis.
Amortised cost is calculated taking into account any issue costs and discount or premium on settlement.
The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of the financial liability, or where
appropriate to a shorter period, to the net carrying amount on initial recognition.
37
Notes to the Group’s Financial Statements
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Financial liability and equity
Financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders’ funds) only
to the extent that they meet the following two conditions:
• they include no contractual obligations upon the Group to deliver cash or other financial assets or to 
exchange financial assets or financial liabilities with another party under conditions that are potentially 
unfavourable to the Group; and
• where the instrument will or may be settled in the Company’s own equity instruments, it is either a 
non ‐derivative that includes no obligation to deliver a variable number of the Company’s own equity 
instruments or is a derivative that will be settled by the Company exchanging a fixed amount of cash or 
other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where
the instrument so classified takes the legal form of the company’s own shares, the amounts presented in the
financial statements for called up share capital and share premium account exclude amounts in relation to
those shares.
The finance cost on the financial liability component is correspondingly higher over the life of the instrument.
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Equity comprises the following:
• "Share capital" represents the nominal value of equity shares.
• "Share premium" represents the excess over nominal value of the fair value of consideration received for 
equity shares, net of expenses of the share issue.
• "Other reserve" represents equity ‐settled share ‐based employee remuneration until such share options 
are exercised.
• "Reverse acquisition reserve” represents the excess of the fair value of the deemed cost of acquisition over 
the issued share capital and share premium of the combined entity.
Bank borrowings
Interest ‐bearing bank loans and overdrafts are recorded at fair value, net of direct issue costs. Finance
charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on
an accruals basis to the Consolidated statement of comprehensive income using the effective interest method
and are added to the carrying amount of the instrument to the extent that they are not settled in the period
in which they arise.
Trade and other payables
Trade payables are initially measured at fair value and subsequently measured at amortised cost using the
effective interest rate method.
Notes to the Group’s Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 39 Capital risk management
The Group manages its capital to ensure that the entities in the Group will be able to continue as going
concerns while maximising its return through the optimisation of the debt and equity balance. In addition,
the Group monitors its forecast net debt to EBITDA ratio with the aim of maintaining these within banking
covenant maximum of 1.1. The capital structure of the Group consists of debt, which includes the borrowings
disclosed in note 16, cash and cash equivalents and equity attributable to equity holders of the parent,
comprising issued capital and reserves. 
Dividends
Equity dividends are recognised when they become legally payable. In the case of interim dividends to equity
shareholders, these are recognised when they are paid. In the case of final dividends, this is when approved
by the shareholders at the Annual General Meeting.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net
profit as reported in the Consolidated statement of comprehensive income because it excludes items of
income or expense that are taxable or deductible in other years and it further excludes items that are never
taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit or loss, and is accounted for using the balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial
recognition (other than in a business combination) of other assets and liabilities in a transaction that affects
neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates except where the Group is able to control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to
be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled
or the asset is realised. Deferred tax is charged or credited in the Consolidated statement of comprehensive
income, except when it relates to items charged or credited directly to equity, in which case the deferred tax
is also dealt with in equity.
39
Notes to the Group’s Financial Statements
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Retirement benefits
Neither the Company nor any of its subsidiaries operate a defined contribution pension scheme.
Share based payments
The Group has applied the requirements of IFRS 2 Share based payments. IFRS 2 has been applied to all grants
of equity instruments after 7 November 2002 that had not vested at 1 January 2005, in accordance with the
exemptions of IFRS 1.
The Group issues equity settled share ‐based payments to employees. Equity ‐settled share payments are
measured at fair value (excluding the effect of non market ‐based vesting conditions) at the date of grant. The
fair value determined at the grant date of the equity ‐settled share based payments is expensed on a straight
line basis over the vesting period, based on the Group’s estimate of shares that eventually vest and adjusted
for the effect of non market ‐based vesting conditions.
Upon exercise of share options the proceeds received net of attributable transaction costs are credited to
share capital, and where appropriate share premium.
Accounting Standards issued but not yet effective and/or adopted
At the date of authorisation of these financial statements, the following Standards and Interpretations that
have not been applied in these financial statements were in issue but not yet effective or endorsed 
(unless otherwise stated):
• IFRS 3 Business Combinations – Revised 2008 (effective 1 July 2009)
• IFRS 9 Financial instruments (effective 1 January 2013)
• IAS 24 Related party disclosures ‐ Revised 2009 (effective 1 January 2011)
• IAS 27 Consolidated and separate Financial Statements – Revised 2008 (effective 1 July 2009)
• IAS 39 Amendments to Financial Instruments: Recognition and Measurement – Eligible Hedged Items
• IFRS 1 Amendment to Additional exemptions for first time adopters (effective 1 January 2010)
• IFRS 2 Amendments to Group cash settled share based payment transactions (effective 1 January 2010)
• Various Improvements to IFRSs 2009 (various effective dates 1 July 2009 – 2010)
• IAS 32 Amendments to Classification of rights issues (effective 1 February 2010)
• IFRIC 17 Distributions of Non ‐cash Assets to Owners (effective 1 July 2009)
• IFRIC 18 Transfers of Assets from Customers (effective prospectively for transfers on or after 1 July 2009)
• IFRIC 18 Extinguishing financial liabilities with equity instruments (effective 1 July 2010)
• IFRIC 14 Amendments to Prepayments of a minimum funding requirement (effective 1 January 2011)
In January 2008, the IASB issued a revised version of IFRS 3 ‘Business Combinations’. The revised standard will
introduce some changes to the existing accounting treatment of business combinations. For example, all
transaction costs will be expensed. The standard is applicable to business combinations occurring in
accounting periods beginning on or after 1 July 2009. Assets and liabilities arising from business combinations
occurring before the date of adoption by the Group will not be restated and thus there will be no effect on
the Group’s reported income or net assets on adoption.
Notes to the Group’s Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 41 The Directors anticipate that the adoption of the remaining Standards and Interpretations in future periods
will have no material impact on the financial statements of the Group.
Non ‐recurring Items
These are items of income or expense which are presented separately due to their nature, size or incidence.
The separate reporting of such items helps provide a better indication of the Group’s underlying business
performance.
Estimation of uncertainty
In the process of applying the Group’s accounting policies the subjects requiring management estimation and
judgement that have the most significant risk of causing material adjustments to the amounts recognised in
the financial statements are described below:
Estimation:
Impairment
An impairment loss recognised for the amount by which the asset’s or cash ‐generating unit’s carrying amount
exceeds its recoverable amount. To determine the recoverable amount, management estimates expected
future cash flows from each cash generating unit and determines a suitable interest rate in order to calculate
the present value of those cash flows. In the process of measuring expected future cash flows, management
make assumptions about future operating results. These assumptions relate to future events and
circumstances. The actual results may vary, and may cause significant adjustments to the Group’s assets within
the next financial year. In most cases, determining the applicable discount rate involves estimating the
appropriate adjustment to market risk and the appropriate adjustment to asset ‐specific risk factors.
Inventories
Inventories are measured at the lower of cost and net realisable value. In estimating net realisable values,
management takes into account the most reliable evidence available at the times the estimates are made.
Judgement:
Going concern
Management consider whether the Group has sufficient working capital to continue trading for at least twelve
months. To determine working capital, management estimates expected future cash flows for each cash
generating unit. In the process of estimating future cash flows management makes assumptions about future
operating results. These assumptions relate to future events and circumstances. The actual results may vary,
and may cause significant adjustments to the Group’s working capital in the next twelve months.
41
Notes to the Group’s Financial Statements
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3. Segmental analysis
The Group has adopted IFRS 8 Operating Segments with effect from 1 January 2009. IFRS 8 requires operating
segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess
their performance. In contrast, the predecessor standard (IAS 14 Segment Reporting) required an entity to
identify two sets of segments (business and geographical), using a risks and returns approach, with the
entity’s ‘system of internal financial reporting to key management personnel’ serving only as the starting
point for the identification of such segments. As a result, following the adoption of IFRS 8, the identification
of the Group’s reportable segments has changed:
For management purposes, the Group is organised into four business segments based on the product or
service being sold. All of the operating segments have similar economic characteristics and share a majority of
the aggregation criteria set out in IFRS 8.12.
The Group’s reportable segments are as follows:
• Vehicles, which sells new and used taxis;
• Parts, which sells taxi parts to customers ranging from individual drivers to large repairers;
•After ‐sales, which provides mechanical and bodywork repairs to taxi drivers; and
• Unallocated, which is for miscellaneous transactions outside of other segments.
Revenue reported represents revenue generated from external customers. Sales between segments in the
year are eliminated for reporting purposes.
The accounting policies of the reportable segments are the same as the Group’s accounting policies described
above. Segment profit represents the profit earned by each segment without allocation of central
administration costs or exceptional costs. Finance costs and finance income are allocated to the segment
incurring them where possible.
There are no external customers that individually represent more than 10% of the entity’s revenues.
Notes to the Group’s Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 43 Segment revenues and results
The following is an analysis of the Group’s revenue and results from continuing operations by reportable segment.
Segment Revenue                               Segment Profit
2009 2008 2009 2008
£000 £000 £000 £000
Vehicle Sales 18,516 12,226 650 217
Parts Sales 2,938 2,471 415 370
After ‐sales 3,208 4,114 239 319
Non ‐allocated 10 215 10 157
Total for continuing operations 24,672 19,026 1,314 1,063
Other operating income 315 82
Finance income 127 314
Finance costs (265) (150)
Non ‐recurring items (207) ‐
Central administration costs (1,623) (1,908)
Loss before tax per management information (339) (599)
Reconciliation to statutory accounts:
Loss per management information (339) (599)
Reconciling items:
‐ Share of loss of associate (40) (90)
‐ Share based payments (14) (14)
Loss before tax per statutory accounts (393) (703)
The accounting policies of the reportable segments are the same as the Group’s accounting policies. Segment
profit represents the gross profit earned by each segment without allocation of central administration, profits of
associates, investment revenue and income tax expense. Finance costs and finance income are allocated to the
department incurring them where possible. This is the measure reported to the chief operating decision maker for
the purposes of resource allocation and assessment of segment performance.
43
Notes to the Group’s Financial Statements
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Segment assets and liabilities
2009 2008
£000 £000
Segment assets
Vehicle Sales 6,301 7,030
Parts Sales 930 918
After ‐sales 679 1,041
Other 2 54 
Total segment assets 7,912 9,043 
Assets relating to discontinued activities 35 217
Investment in associate 1,070 1,110
Consolidated assets 9,017 10,370
Segment liabilities
Vehicle Sales 6,151 7,032
Parts Sales 678 495
After ‐sales 495 562
Other 2 29 
Total segment liabilities 7,326 8,118
Liabilities relating to discontinued activities 1,120 887
Unallocated ‐ 14
Consolidated liabilities 8,446 9,019
For the purposes of monitoring segment performance and allocating resources between segments:
• All assets are allocated to reportable segments other than investments in associates and tax assets. 
Assets used jointly by reportable segments are allocated on the basis of the revenues earned by individual 
segments; and
• All liabilities are allocated to the reportable segments other than current and deferred tax liabilities. 
Liabilities for which reportable segments are jointly liable are allocated in proportion to segment assets.
• The Group operates entirely within the United Kingdom, and all revenues arise from this geographical area.
Notes to the Group’s Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 45 4. a) Operating loss
Operating loss has been arrived at after charging/(crediting):
2009 2008
£000 £000
Staff costs (see note 5) 2,588 2,613
Depreciation of property, plant and equipment
‐ Owned 51 141
‐ Leased 68 44
Share based payment 14 14
Operating lease expenditure:
‐ plant and machinery 25 25
‐ property 387 384
Rental income received (241) (210) 
Auditors’ remuneration for following services:
‐ Fees payable to the Company's auditors for the
audit of the financial statements 29 30
‐ Fees payable to the Company's auditors for the
audit of the company's subsidiaries pursuant to legislation 28 26
Total audit fees 57 56
4. b) Other operating income
During the year the group received the following other operating income
2009 2008
£000 £000
Finance commissions 149 38
Other commissions 156 154
Rental income 241 31
Administrative charges 102 95
Other 13 ‐
661 318
4. c) Non ‐recurring items
The 2009 operating loss of £0.13m is stated after non ‐recurring items totalling £0.21m shown below:
2009 2008
£000 £000
Provision against amounts receivable from Cabvision Limited (504) ‐
Insurance claim re loss of revenue 297 ‐
(207) -
• provision against amounts receivable from Cabvision Limited, as disclosed in note 23.
• income from an insurance claim relates to loss of revenue whilst a workshop was closed in 2008, 
due to fire damage
45
Notes to the Group’s Financial Statements
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5. Employee remuneration
5.1 Employee benefits expensed
2009 2008
£000 £000
Wages and salaries 2,372 2,384
Social security costs 202 215
Share based payment 14 14
2,588 2,613
5.2 Share based employee remuneration
The Group has established a share option scheme that entitles key management and senior employees to
purchase shares in the entity.
The Group has established a scheme under the Enterprise Management Incentive (EMI) code (set out in
Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003). The options granted under the EMI scheme
may be exercised between three and ten years of the anniversary of the date of the grant, with all existing
share options vesting between October 2010 and October 2017.
Qualifying employees are invited to apply for the grant of a contingent right to acquire shares under the plan.
Subject to the rules of the Plan, options will enable employees to receive a number of eco city vehicles plc
ordinary shares three years after the Option is granted, subject to meeting any performance targets set by the
Remuneration Committee.
The Group has also granted share options to two directors under the unapproved scheme. Those granted under
unapproved scheme may be exercised between three and ten years of the anniversary of the date of the grant.
The number and weighted average exercise price of the Group’s entire share options are as follows:
Weighted average Number of
exercise price options
2009 2009
Outstanding at the beginning of the year £0.05 4,605,000
Granted during the year ‐‐
Forfeited during the year ‐‐
Outstanding at the end of the year £0.05 4,605,000
Weighted average Number of options
2008 2008
Outstanding at the beginning of the year £0.05 4,755,000
Granted during the year
Forfeited during the year £0.05 150,000
Outstanding at the end of the year £0.05 4,605,000
Notes to the Group’s Financial Statements
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The fair value of services received in return for share options granted are measured by reference to the fair
value of share options granted. The estimate of the fair value of the services is measured on a Black ‐Scholes
model in respect of the schemes using set assumptions. No options were granted during the year.
6. Directors’ emoluments
Total
Basic Benefits Total period
2009 2009 2009 2008
£000 £000 £000 £000
Non-executive directors
Tim Yeo 40,000 ‐ 40,000 40,000
Jeremy Fenn 18,000 ‐ 18,000 18,000
John Swingewood 18,000 ‐ 18,000 18,000
Guy Saxton 18,000 ‐ 18,000 18,000 
Executive directors
Peter DaCosta 120,000 33,745 153,745 130,671
Michael Troullis 120,000 17,188 137,188 134,161
Keith Marder 120,000 11,062 131,062 134,341
Rob Smith (resigned in February 2008) ‐‐ ‐ 6,425
454,000 61,995 515,995 499,598  
The remuneration of the executive directors is paid through KPM ‐UK Taxis Plc, a subsidiary of Eco City 
Vehicles Plc of which they are also directors.
7. Finance income and costs
2009 2008
£000 £000
Finance income
Interest received 127 314
127 314 
Finance costs
Interest paid on borrowings 63 140
Fair value movement on interest rate swap 194 ‐
Consignment stock interest 85 198
Finance lease interest 3 9
345 347 
Notes to the Group’s Financial Statements
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8. Tax credit
2009 2008
£000 £000
Taxation credit comprises:
Current tax ‐‐
Deferred tax (note 18) (14) (20)
Total tax credit (14) (20)
The tax assessment for the year is higher than the standard UK corporate tax rate of 28% due to the
following factors:
2009 2008
£000 £000
Loss on ordinary activities before taxation (808) (1,267)
Loss on ordinary activities at the standard rate of corporation
tax in the UK of 28% (2008 ‐ 28%) (226) (355)
Effects of:
Expenses that are not deductible in determining tax credit 20 47
Depreciation in excess of capital allowances 54 -
Unrecognised deferred tax assets 138 288
Total tax credit (14) (20)
There is no provision for UK Corporation tax due to tax losses incurred during the period, subject to agreement
with HM Revenue & Customs. Accumulated tax losses of approximately £2,265,000 (2008: £1,879,000) have
not been recognised as deferred tax assets due to uncertainty over the timing of future profits.
Notes to the Group’s Financial Statements
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9. Loss per share
2009 2008
£000 £000
Earnings
Total Comprehensive loss for the year, used in the calculation 
of total basic earnings per share (794) (1,247)
Loss for the year from discontinued operations used in the 
calculation of total basic earnings per share from 
discontinued operations (415) (564)
Loss for the year used in the calculation of total basic 
earnings per share from continuing operations (379) (683)
Non ‐recurring items 207 -
Adjusted loss for the year (172) (683)
Weighted average number of ordinary shares for the 
purpose of basic and adjusted loss per share 302,050,000 302,050,000
Earnings per share
Continuing operations (0.13) (0.23)
Discontinued operations (0.14) (0.19)
Adjusted for non ‐recurring items (0.06) (0.23)
An adjusted earnings per share is presented which excludes non ‐recurring items and therefore 
reflects the underlying business performance.
Notes to the Group’s Financial Statements
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10. Property, plant and equipment
Leasehold Improvements Plant and Fixtures and Motor
property to property machinery Fittings vehicles Total
£000 £000 £000 £000 £000 £000
Cost
At 1 January 2008 2,191 151 516 226 370 3,454
Additions 111 164 13 19 270 577
Disposals - -- - (116) (116)
At 31 December 2008 2,302 315 529 245 524 3,915
Reclassification - - - -(350) (350)
Additions - - 50 - 2 52
At 31 December 2009 2,302 315 579 245 176 3,617 
Depreciation
At 1 January 2008 39 113 372 182 232 938 
Charge for year 18 40 33 10 84 185
Eliminated on disposals ‐‐ ‐ ‐ (45) (45)
At 31 December 2008 57 153 405 192 271 1,078
Reclassification - - - - (196) (196)
Charge for year 18 33 35 8 25 119
At 31 December 2009 75 186 440 200 100 1,001
Carrying amount
At 31 December 2009 2,227 129 139 45 76 2,616
At 31 December 2008 2,245 162 124 53 253 2,837 
Due to a change in the retention periods of some assets, management have taken the decision to reclassify
assets previously included within the motor vehicle category as stock for the current year. This reclassification
does not affect the prior periods. The net book value of motor vehicles includes an amount of £nil (2008:
£133,000) in respect of assets held under finance leases and hire purchase. The related depreciation charge
on these assets for the period was £nil (2008: £44,000). The net book value of leasehold property is secured
against a mortgage held with Barclays Bank plc. All depreciation and impairment charges are included within
administrative expenses in the Consolidated statement of comprehensive income
Notes to the Group’s Financial Statements
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11. Investments
2008 2007
Investment in associate £000 £000
At 1 January 2009 1,110 955
Additions ‐ 245
Share of loss of associate (40) (90)
1,070 1,110
The investment in associate represents the investment made by the Group in One80 Limited. The Group
acquired ordinary shares in One80 Limited in 3 stages. On 28 December 2006 the Group acquired an 11%
interest for a consideration of £50k. On 31 December 2007 the Group increased its shareholding to 28.5% for
an additional consideration of £905k. On 7 February 2008 the Group again increased its shareholding, to
33.3%, for a further consideration of £245k.
One80 Limited engineered and own the intellectual property rights for the Rear Wheel Steering & lock ‐out
mechanism used with the Mercedes-Benz Vito Taxi (enabling the taxi to meet the 25 foot turning circle
regulation for Hackney Carriages). eco city vehicles plc’s subsidiary, KPM-UK Taxis Plc (KPM), is a distributor of
the Vito Taxi on an exclusive basis within the London area. One80 Limited’s income stream is from licensing
the above IPR and the majority of sales are made through KPM.
One80 Limited derives an income from its licence fee from every Taxi with a Rear Wheel Steering mechanism
sold. During the course of 2009 One80 Limited issued sales invoices to KPM for the licence fee due on sales
made by KPM.
Financial information of the associate can be summarised as follows:
2008 2007
Investment in associate £000 £000
Assets 1,649 1,168
Liabilities (905) (304)
Revenue 1,152 438
Loss (120) (271)
Loss attributable to the Group (40) (90)
The group has not incurred any contingent liabilities or other commitments relating to its investments in
associates. An impairment review of the investment has been conducted and management consider no
impairment adjustment is necessary.
Notes to the Group’s Financial Statements
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12. Inventories
Inventories recognised in the statement of financial position can be analysed as follows:
2009 2008
£000 £000
Raw materials 308 293
Consignment stock 1,559 3,240
Finished goods and goods for resale 822 695
2,689 4,228
All vehicles stocks held under consignment stock agreements are deemed to be assets of the Group and are
included on the balance sheet from the point of consignment. The corresponding liabilities to the
manufacturer are included within trade and other payables. Stocks are held on consignment until sold.
Interest is payable to Mercedes-Benz and Singers Asset Finance at rates linked to the Base Rate. The liability
for consignment creditors are secured on the asset to which they relate.
Consignment stock has decreased in the year due to increased sales of the Mercedes Vito leading to lower
vehicles stocks, and the termination of the dealership agreement with LTI, which has resulted in the Groups’
decision to end the consignment stock facility for new LTI vehicles. The consignment stock relating to LTI
vehicles was nil (2008 ‐ £414,000).
The amount of inventories recognised as an expense during the year was £20,473,000 (2008 ‐ £14,829,000).
Raw materials, which includes vehicles parts, is stated after provision for obsolescence of £35,000 (2008 
‐ £27,000). Finished goods, which includes demonstrator and used vehicles, is stated at its fair value less 
costs to sell, which includes a write ‐down for slow moving vehicles. The cost of inventories recognised as an
expense includes £41,000 (2008 ‐ £394,000) in respect of write ‐downs of inventory to net realisable value,
and has been reversed by £289,000 (2008 ‐ £222,000) in respect of the reversal of such writedowns. Previous
write ‐downs have been reversed as a result of increased sales prices and shorter stock days on certain units.
The Directors consider that the carrying value of the inventories are stated at the lower of cost and net
realisable value.
Notes to the Group’s Financial Statements
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13. Trade and other receivables
2009 2008
£000 £000
Trade receivables 1,559 1,682
Other receivables 569 280
Prepayments and accrued income 258 186
2,386 2,148
The Directors consider that the carrying amount of trade and other receivables approximates to their fair
value. Included in trade receivables above are provisions for impairment of receivables as shown in the table
below. All receivables are due within the next 12 months.
2009 2008
£000 £000
Provision at start of year 19 34
New provisions 46 ‐
Reversal of previous provisions ‐ (15)
Provision at end of year 65 19
Movement in provision 46 (15)
In addition, some of the unimpaired trade receivables are over due as at the reporting date. 
The age of the financial assets overdue date but not impaired is as follows:
2009 2008
£000 £000
Not more than 3 months past due 298 458
More than 3 months but not more than 1 year 236 103
534 561
The Group has no significant concentration of credit risk, with exposure spread over a large number 
of customers.
14. Cash and cash equivalents
2009 2008
£000 £000
Cash and cash equivalents 256 47
The Directors consider that the carrying amount of cash and cash equivalents approximates to
their fair value.
Notes to the Group’s Financial Statements
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15. Trade and other payables
2009 2008
£000 £000
Trade payables 3,761 4,599
Other taxation and social security 456 370
Other payables 1,030 87
Accrued expenses and deferred income 521 830
5,768 5,886
Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. 
The average credit period taken for trade purchases is 46 days (2008: 74 days).
Included in trade payables are amounts of £1.2m (2008: £3.2m) representing motor vehicle consignment
stock liabilities.
The Directors consider that the carrying value of trade and other payables approximates to their fair value. 
All trade and other payables are payable within the next 12 months.
16. Borrowings
2009 2008
£000 £000
Current portion of long term borrowings
Mortgages 1,881 2,031
Obligations under finance leases 151 98
Overdraft 625 981
Total 2,657 3,110
Non ‐current long term borrowings
Obligations under finance leases 21 9
Total 21 9
In June 2010 the group received funding from KPM ‐UK Taxis Plc discretionary pension fund of
£0.85m which has been utilised to repay the overdraft with HBOS. This loan is repayable
annually in arrears over a 5 year term and carries a fixed interest rate of 5%. 
The group has a derivative in place to manage the interest rate risk on long term borrowings. An
analysis of this is included under note 17.
Mortgages are secured against the production facility in Coventry. The first three years are
interest only and full repayment will be made over the following twelve years. After year end,
the group renegotiated its mortgage facility with Barclays following revised covenants being
agreed in line with expected future trading and waiver of previous non ‐compliance with the terms
of the facility, which in the current financial market, have resulted in higher interest rate margins.
Notes to the Group’s Financial Statements
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Notes to the Group’s Financial Statements
At 31st December 2009 the following covenants with Barclays bank were breached:
2009 2008
Breach of Covenants £000 £000
EBITDA to Debt Servicing ‐ target of 1.25:1
Debt Servicing 184 209
EBITDA required to meet covenant 230 261
EBITDA for year 191 (395)
(39) (656)
Trading profit ‐ target of 2.5 x interest paid
Interest paid 151 347
Trading profit required to meet covenant 378 868
Trading profit for year 72 (580)
Value of Breach (306) (1,448)
17. Financial instruments – Risk management
The Group's financial instruments comprise an interest rate swap, mortgages, cash and cash equivalents and
various other items such as trade receivables, other receivables and payables that arise directly from its
operations. The main purpose of these financial instruments is to provide finance for the Group’s operations.
The assets and liabilities that comprise the financial instruments of the Group are as follows:
2009 2008
£000 £000
Financial assets catergorised as loans and receivables
Trade receivables 1,559 1,682
Other receivables 569 280
Cash and cash equivalents 256 47
2,384 2,009
Financial liabilities measured at amortised cost
Trade payables 3,761 4,599
Other payables 836 87
Accruals and deferred income 521 830
Mortgages 1,881 2,031
6,999 7,547
Financial liabilities measured at fair value
Interest rate swap 194 ‐
194 ‐
The main risks arising from Group’s financial instruments are credit risk, interest rate risk and liquidity 
risk. The Board reviews and agrees policies for managing these risks and they are summarised below. 
These policies have remained unchanged throughout the financial period.
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Fair value of financial instruments
The Group adopted the amendments to IFRS 7 Improving Disclosures about Financial Instruments effective
from 1 January 2009. These amendments require the Group to present certain information about financial
instruments measured at fair value in the statement of financial position. In the first year of application
comparative information need not be presented for the disclosures required by the amendment. Accordingly,
the disclosure for the fair value hierarchy is only presented for the 31 December 2009 year end.
The fair value hierarchy groups financial assets and liabilities into three levels based on the significance of
inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the
following levels:
‐ Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
‐ Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
‐ Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based on the lowest level of
significant input to the fair value measurement. The Group has an interest rate swap measured at fair value 
of £194,000 classed under level 3 fair value measurements, which incorporate valuation techniques based 
on significant inputs that are not based on observable market data.
Credit risk
The Group’s exposure to credit risk is limited to the carrying values of financial assets recognised at the
balance sheet date, as summarised below:
2009 2008
£000 £000
Classes of financial assets ‐ carrying amount
Cash and cash equivalents 256 47
Trade and other receivables 2,128 1,962
2,384 2,009
The maximum exposure to credit risk in relation to trade receivables is equivalent to the period end balance.
It is the Group’s policy to assess the credit risk of its customers. The Group closely monitors the credit
worthiness of customers and other counterparties, and will require an advance payment if necessary. The
Group will terminate business with a poor credit history.
The directors consider that all the above financial assets that are not impaired for each of the reporting dates
under review are of good credit quality, based on financial information and past trading history, including
those that are past due.
The Group is not exposed to any significant credit risk exposure to any single counterparty or group of
counterparties having similar characteristics. The credit risk for cash and cash equivalents is considered
negligible since the counterparties are reputable banks with high quality external credit ratings.
Notes to the Group’s Financial Statements
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Liquidity risk
The group's objective is to maintain a balance between continuity of funding and flexibility through cash
pooling and shareholder funding. The Group monitors its liquidity risk on an ongoing basis by undertaking
rigorous cash flow forecasting procedures.
As at 31 December 2009, the Group’s financial liabilities have contracted maturities, which are summarised below:
Current Non-Current
Within 6 to 12 2 to 5 Later Than
6 Months Months Years 5 Years
£000 £000 £000 £000
Obligations under finance leases 58 93 21 ‐
Mortgages 1,881 ‐‐ ‐
Trade payables 3,761 ‐‐ ‐
Interest rate swap 43 41 70 60
5,743 134 91 60
This compares to the maturity of the Group’s financial liabilities in the previous reporting periods as follows:
Liquidity Risk - 2008
Current Non-Current
Within 6 to 12 2 to 5 Later Than
6 Months Months Years 5 Years
£000 £000 £000 £000
Obligations under finance leases 9 89 9 ‐
Mortgages 2,031 ‐‐ ‐
Trade payables 4,599 ‐‐ ‐
6,639 89 9 ‐
Interest rate risk
The Group finances itself by making use of overdraft and mortgage facilities, as well as using its own cash
balances which comprise cash and short ‐term deposits. The Group monitors its use of these facilities through
cash flow forecasting to ensure the exposure to interest rate risk is kept to a minimum.
The group has a derivative in place to manage the interest rate risk on long term borrowings. The derivative
replaces the Barclays bank variable base rate with a rate of 5.12%, fixed until 23 January 2023. An analysis of
the derivative contracts at 31 December 2009 is shown in the table below. Fair value has been calculated by
discounting market forecasts of future interest rates. The loss has been reflected in the accounts.
Fixed Interest Notional principal
amount Fair value
Interest rate swap: £000 £000
Maturity date 24 January 2023 5.12 1,884 194
The carrying value of all other financial instruments approximate to their fair value.
Notes to the Group’s Financial Statements
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Interest rate sensitivity analysis
The sensitivity analysis below have been determined based on the exposure to interest rates for both
derivatives and non derivative instruments at the end of the reporting period. A 100 basis point increase or
decrease is used when reporting interest rate risk internally to key management personnel and represents
management’s assessment of the reasonably possible change in interest rates. If interest rates had been 100
basis points higher or lower and all other variables were held constant, the Group’s profit for year ended 31
December 2009 would increase/decrease by £28,000.
18. Deferred taxation
Deferred tax is calculated in full on temporary differences under the liability method using a tax 
rate of 28% (2008: 28%). The movement on the deferred tax accounts is shown below:
2009 2008
£000 £000
Balance at the start of the year 14 34
Income statement credit (14) (20)
Balance at the end of the year  - 14
Details of the deferred tax liability are as
Accelerated capital allowances - 14
At the period end deferred tax assets of £706,000 (2008: £532,000) were not recognised due to 
uncertainty over the timing of future profits.
19. Share capital
2009 2008
£000 £000
Authorised
600,000,000 (2008 : 600,000,000) Ordinary shares of 1p each 6,000 6,000
6,000 6,000
Allotted, called up and fully paid
302,050,200 (2008 : 302,050,200) ordinary shares of 1p each 3,021 3,021
3,021 3,021
Notes to the Group’s Financial Statements
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20. Key Staff Remuneration
2009 2008
£000 £000
Key Staff ‐ Directors of parent
Non-executive directors
Tim Yeo 40,000 40,000
Jeremy Fenn 18,000 18,000
John Swingewood 18,000 18,000
Guy Saxton 18,000 18,000
Executive directors
Peter DaCosta 153,745 130,671
Michael Troullis 137,188 134,161
Keith Marder 131,062 134,341
Rob Smith (resigned in February 2008) - 6,425
515,995 499,598
Key Staff ‐ Directors of subsidiary companies
Salaries 128,008 115,248
Pension and benefits 2,962 ‐
Share based payments 4,992 5,006
135,962 120,254
The Group considers the directors of the subsidiary company KPM ‐UK Taxis Plc to be key
personnel, due to their knowledge of the taxi market and their expertise with the products.
21. Leases
Finance leases
Future minimum finance payments at the end of each reporting period under review were as follows:
Minimum lease payments due
Within 1 1 to 5 Total
£000 £000 £000
2009
Lease payments 153 24 177
Interest (2) (3) (5)
Net present value 151 21 172
2008
Lease payments 100 10 110
Interest (2)(1) (3)
Net present value 98 9 107
The present value of future lease payments is analysed between current and non current
liabilities in Note 17.
Notes to the Group’s Financial Statements
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Additionally, the Group’s property at Coventry is sublet to two tenants under five year leases, for which the future
minimum rental income is as follows:
Minimum lease payments due
Within 1 1 to 5 Total
£000 £000 £000
2009
Rental income 220 513 733
Net present value 219 506 725
2008
Rental income 220 733 953
Net present value 219 725 944
Operating leases
The Group has operating leases on all its properties. The terms of the property leases vary although they all
tend to be tenant repairing with rent reviews every three and five years and many have break clauses. 
The totals of future minimum lease payments are due as follows:
2009 2008
£000 £000
Not later than one year 391 368
Later than one year and not later than five years 1,563 1,470
Later than five years 2,521 2,442
4,475 4,280
22. Cash flow adjustments and changes in working capital
The following non ‐cash flow adjustments and adjustments for changes in working capital have been made to
profit before tax to arrive at operating cash flow:
2009 2008
£000 £000
Adjustments:
Loss attributable to associate company 40 90
Finance costs 345 347
Finance Income (127) (316)
Depreciation 119 185
Share based payments 14 14
Total adjustments 391 320
2009 2008
£000 £000
Net changes in working capital:
Increase in trade and other receivables (238) (232)
Decrease in trade and other payables (129) (531)
Decrease/(increase) in inventories 1,843 (1,743)
Total changes in working capital 1,476 (2,506)
Notes to the Group’s Financial Statements
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23. Related party transactions
The Group entered into the following material transactions with related parties:
The Group has taken advantage of the exemption contained within IAS 24 – Related Party Disclosures from the
requirement to disclose transactions between group companies as these have been eliminated on consolidation.
During the year, rent of £152,000 (2008: £201,000) was paid to KPM ‐UK Taxis Plc Discretionary Pension
Scheme of which directors P .H. DaCosta, M.Troullis and K.L. Marder are the beneficiaries. The rentals are
established at an arms length basis. At year end there was a balance owed to KPM ‐UK Taxis Plc Discretionary
Pension Scheme of £49,000 (2008:£nil).
During the year the Group made arm length transactions with One80 Limited, our associate. Sales during the
period amounted to £410,000 (2008: £169,000), purchases during the period amounted to £1,409,000 (2008:
£525,000) and the year end net balance owed to One80 Limited is £211,000 (2008: £85,000). These amounts
are included within the Consolidated statement of financial position. Further details of our investment in
One80 and their activities is disclosed in note 11.
During the year the Group made arm length transactions with Global Meter Systems Limited, a company in
which three of the directors are shareholders. Sales during the period amounted to £68,000 (2008: £66,000),
purchases during the period amounted to £222,000 (2008: £221,000) and the year end net balance owed to
Global Meter Systems Limited is £246,000 (2008: £114,000). These amounts are included within the
Consolidated statement of financial position.
During the year the Group made arm length transactions with Cabvision Limited, a company in which Peter
DaCosta is a director. Sales during the period amounted to £197,000 (2008: £366,000) and purchases during
the period amounted to £56,000 (2008: £32,000).
As disclosed in March 2010 a series of payments were made during year which related, inter alia, to legal
costs incurred by Cabvision in respect of the Cabvision Litigation (to which neither ECV nor KPM is party). 
The total net amount paid by KPM to Cabvision between 11 October 2007 and 4 January 2010 was £520,352
(£403,000 paid during 2009) which is held as a loan receivable on ECV's balance sheet. The Executive
Directors of ECV made personal unsecured interest free loans to KPM during 2009 which, in total, amount to
£512,310. The Executive Directors have agreed to apply repayment of their loans to satisfy the debt owed by
Cabvision to KPM with the remaining small balance paid by Cabvision. Following this repayment, in March
2010, there was no balance remaining on the loan account.
At the year end, given the uncertainty relating to the legal position of Cabvision Limited, the Group decided it
was prudent to provide against trade debts owed by Cabvision Ltd, amounting to £504,000. 
KPM ‐UK Taxis Plc (KPM) holds a debenture over Cabvision Ltd which is a fixed first charge and floating charge
over assets of the company to secure any indebtedness of Cabvision Ltd to KPM. In particular the Debenture
mentions KPM standing as guarantor for Cabvision Ltd's bank facilities; this element of the debenture is no
longer applicable.
Notes to the Group’s Financial Statements
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During the year, loans have been made to/(from) the following connected parties at an arms length basis:
P .DaCosta M.Troullis K.Marder A.Emilianou S.McCarthy
Director Director Director Manager Manager
£000 £000 £000 £000 £000
Loans to/(from) connected parties
At 1 January 2008 - - - - -
Maximum during the year 27 2 3 3 35
At 1 January 2009 27 2 3 3 35
Maximum during the (170) (300) (100) 3 (567)
At 31 December 2009 (150) (300) (62) ‐ (512)
24. Notes supporting cash flow statement
2009 2008
£000 £000
Cash available on demand 256 47
Overdraft (625) (981)
(369) (934)
There were no significant non ‐cash transactions, which would be classified as a financing activity, for the
assets acquired under the finance leases.
25. Capital commitments
The Group had no capital commitments at 31 December 2009 (2008 : £nil).
26. Contingent liabilities
There are no material contingent liabilities at 31 December 2009 or 31 December 2008.
Notes to the Group’s Financial Statements
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27. Discontinued operations
During 2009 management decided to discontinue the in ‐taxi advertising business, Transmedia Ltd. The decision
was taken in line with the Group’s strategy to focus on its core business of vehicle development and distribution
and consequently, assets and liabilities allocated to Transmedia Ltd were classified as a discontinued business.
Revenue and expenses, gains and losses relating to the discontinuation of this company have been eliminated
from profit or loss from the Group’s continuing operations and are shown as a single line on the face of the
Consolidated statement of comprehensive income (see ‘loss for the year from discontinued operations’).
Transmedia Ltd operating profit and loss for the year can be summarised as follows:
2009 2008
£000 £000
Revenue 275 320
Cost of sales (525) (666)
Administrative expenses (165) (220)
Other operating income - 2
Loss from discontinued operations before tax (415) (564)
Taxation --
Loss for year (415) (564)
The Group continues to own the assets and liabilities of Transmedia Ltd, the carrying amounts
which can be summarised as follows:
2009 2008
£000 £000
Assets
Non Current - -
Current assets:
‐Debtors 20 194
‐Cash 15 23
Total assets of discontinued operations 35 217
Equity and liabilities
Equity 1,085 670
Current liablilities (1,120) (887)
Non ‐current liabilities -
Total equity and liabilities of discontinued operations (35) (217)
Cash flows generated by Transmedia Ltd for the year can be summarised as follows:
2009 2008
£000 £000
Operating activities (391) (495)
Investing activities - -
Financing activities - -
Cash flows from discontinued operations (391) (495)
Notes to the Group’s Financial Statements
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We have audited the parent company financial statements of eco city vehicles plc for the year ended 31
December 2009 which comprise the parent company balance sheet, and the related notes. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities Statement set out on pages 15 and 16, the Directors
are responsible for the preparation of the parent company financial statements and for being satisfied that
they give a true and fair view. Our responsibility is to audit the parent company financial statements in
accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards
require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB's website at
www.frc.org.uk/apb/scope/UKNP
Opinion on financial statements
In our opinion the parent company financial statements:
• give a true and fair view of the state of the company's affairs as at 31 December 2009;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial
statements are prepared is consistent with the parent company financial statements.
Independent auditor's report to the 
members of eco city vehicles plc
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Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit 
have not been received from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the group financial statements of eco city vehicles plc for the year ended 
31 December 2009.
Philip Westerman
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
2 June 2010
Independent auditor's report to the 
members of eco city vehicles plc
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 66 Eco City Vehicles Plc. Reports and Accounts 2009 66
As at 31 December 2009
2009 2008
Notes £000 £000
Fixed assets
Tangible assets 2 2,225 2,243
Investments 3 2,782 2,782  
5,007 5,025 
Current assets
Debtors ‐ less than one year 4 94 78 
Debtors ‐ more than one year 4 4,249 4,640
4,343 4,718 
Current liabilities
Creditors: amounts falling due within one year 5 (2,690) (3,160)
Net current assets 1,653 1,558
Total assets less current liabilities 6,660 6,583 
Creditors: amounts falling due after one year 5 (729) (392)
Net Assets 5,931 6,191
Capital and reserves
Called up share capital 7 3,021 3,021
Share premium 8 1,922 1,922
Share based payment reserve 8 31 17
Profit and loss account 8 957 1,231
Shareholders' funds 9 5,931 6,191
The financial statements were approved and authorised for issue by the Board on 2 June 2010.
Timothy Yeo Peter DaCosta
Non-Executive Chairman Chief Executive Officer
eco city vehicles plc 
Parent Company Balance Sheet
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1. Accounting policies of the Parent Company
The financial statements have been prepared under the historical cost convention and in accordance with
Companies Act 2006 and United Kingdom Generally Accepted Accounting Practice (“UK GAAP”).
The principal accounting policies of the company are as follows:
Going concern
Based on the company’s plans for 2010 and after making enquiries, the Directors have a reasonable
expectation that the company has adequate resources available from funds generated from trading and from
loan finance to continue operations for at least 12 months from the date of signing of these financial statements.
For this reason they continue to adopt the going concern basis in preparing the financial statements.
The Board have undertaken extensive detailed forecasting of company activity through to December 2012.
Based on actual sales in 2009 and early 2010 of the new Mercedes Vito Taxi and used taxi sales, it has been
possible to project vehicle sales and after ‐sales revenue and profitability until the end of 2012.
The performance of the business within the current economic climate has been objectively assessed and
reported upon internally, and the Board has a clear view of the medium term trading conditions. In addition
the market acceptance of the new Vito Taxi is a now known, given unit sales, customer feedback and press
opinion. These two aspects lead the Board to have confidence in their forward projections of going concern.
Cash flow projections are based on conservative assumptions and include the funding from KPM-UK Taxis Plc
Discretionary Pension Fund of £0.85m, which has repaid the HBOS overdraft of £0.6m and provided working
capital for the continued growth of the business. The company has successfully renegotiated its mortgage and
overdraft facilities with Barclays following revised covenants being agreed in line with expected future trading
and waiver of previous non ‐compliance with the terms of the facility, which in the current financial market,
have resulted in higher interest rate margins. These negotiations were concluded after the year end and hence
the borrowings have all been treated as due in less than one year. The Board, therefore, do not envisage any
shortfall in working capital during the coming twelve months.
The Eco Truck venture due to be launched in the second half of 2010 is the subject of separate negotiations for
funding and did not form part of the detailed forecasting regarding going concern, save that it is the Boards
opinion that it cannot be funded from current working capital generated by the company. The new venture
therefore does not pose an additional working capital drain on currently projected resources derived from the
core business. The Board are encouraged that funding institutions have expressed a willingness to support the
launch of the new vehicle with additional facilities.
The accounting policies have been applied consistently throughout the company for the purposes of
preparation of these consolidated financial statements.
Basis of consolidation
Consolidated financial statements are prepared for the group and are filed separately. These financial statements
therefore present information about the company as an individual entity and not about it as a group.
Notes to the Parent Company 
Financial Statements
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Profit and loss account
As permitted by Section 408 of the Companies Act 2006, a separate profit and loss account for the parent
company is not presented. The Company’s loss for the year was £274,000 (2008: £1,928,000 profit).
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Depreciation is provided on all tangible fixed assets, other than
freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over
its expected useful life, as follows:
Leasehold property - over the term of the lease
Fixed asset Investments
All investments are included at cost, less any provision for impairment. Cost represents the amount of ordinary
shares issued by the Company at a nominal value after taking account of merger relief available under Section
612 of the Companies Act 2006 plus related acquisition costs capitalised at fair value.
Operating lease agreements
Rentals applicable to operating leases where substantially all the benefits and risks of the ownership remain
with the lessor are charged against profits on a straight line basis over the period of the lease.
The company as a lessor
Rental income from operating leases is recognised on a straight ‐line basis over the term of the relevant lease.
Any initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised on a straight ‐line basis over the lease term.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar
debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are
presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are
included in the Consolidated statement of comprehensive income. Finance costs are calculated so as to produce
a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial
liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments
are debited direct to equity.
Notes to the Parent Company 
Financial Statements
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The company has applied the requirements of FRS 20 Share based payments. FRS 20 has been applied to all
grants of equity instruments after 7 November 2002 that were unvested at 1 January 2005.
The company issues equity settled share ‐based payments to employees. Equity ‐settled share payments are
measured at fair value (excluding the effect of non market ‐based vesting conditions) at the date of grant. The
fair value determined at the grant date of the equity ‐settled share based payments is expensed on a straight
line basis over the vesting period, based on the Group’s estimate of shares that eventually vest and adjusted
for the effect of non market ‐based vesting conditions.
Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share
capital and, where appropriate, share premium.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by material timing differences between the
treatment of certain items for taxation and accounting purposes. Recognition of a deferred tax asset is limited
to the extent that the company anticipates making sufficient taxable profits in the future to absorb the
reversal of the underlying timing differences. The deferred tax balance has not been discounted.
2. Tangible fixed assets
Long Leasehold
property
£000
Cost
At 1 January 2009 2,261
Additions -
At 31 December 2009 2,261
Depreciation
At 1 January 2009 18
Charge for year 18 
At 31 December 2009 36
Carrying amount
At 31 December 2009 2,225
At 31 December 2008 2,243
69
Notes to the Parent Company 
Financial Statements
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3. Investments
Investment in
subsidiary
undertakings
£000
At 1 January 2009 2,782 
Additions -
At 31 December 2009 2,782 
Following an impairment review it is the opinion of the Directors, the aggregate value of the Company’s
investment in subsidiary undertakings is not less than the amount included in the balance sheet.
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Proportion Class of Nature of
Name of Company Held shareholding Business
Subsidiary undertakings
KPM Autos Limited 100% Ordinary Intermediate holding company
UK Taxi (Agency) Limited 100% Ordinary Dormant
UK Taxi Services Limited 100% Ordinary Dormant
KPM-UK Taxis Plc 100% Ordinary Taxi cab dealer
KPM-UK Knowledge School Limited 100% Ordinary Dormant
KPM Taxi Advertising Direct Limited 100% Ordinary Dormant
Cabline Limited 100% Ordinary Dormant
Transmedia Limited trading as Cabvision 100% Ordinary Digital advertising in taxis
Modec (City) Limited 100% Ordinary Dormant
London Taxi Auctions Limited 100% Ordinary Dormant
Pannal Limited 100% Ordinary Dormant
KPM-UK Finance Limited 100% Ordinary Dormant
Eco City Vehicles UK Limited 100% Ordinary Eco friendly vehicles
Associate
one80 Limited* 33% Ordinary Vehicle engineering
* Indirectly Held
4. Debtors
2009 2008
£000 £000
Current portion of debtors
Trade Debtors 57 63
Prepayments and accrued income 37 15 
94 78
Debtors due after 1 year
Amounts owed by group undertakings and undertakings in which
the company has a participating interest 4,249 4,640
4,249 4,640
Eco City Vehicles Plc. Reports and Accounts 2009
Notes to the Parent Company 
Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 71 5. Creditors
2009 2008
£000 £000
Current portion of creditors
Trade creditors 53 40
Overdraft 625 981
Mortgage 1,881 2,031
Accruals and deferred income 131 108
2,690 3,160
Creditors due after 1 year
Amounts owed to group undertakings and undertakings in which
the company has a participating interest 729 392
729 392
During 2008 the group obtained a long term bank loan secured against the property at
Woodhams Road, Coventry.
2009 2008
£000 £000
Mortgages 1,881 2,031
1,881 2,031
The repayment of the capital element of this is repayable in the following timescale:
Current Non-Current
Within 6 to 12 2 to 5 Later than
6 months months years 5 years
£000 £000 £000 £000
Mortgages 1,881 - - -
1,881 - - -
In 2009 and 2008 the mortgage was classified as fully repayable within one year due to the banking
covenants on the mortgage facility being breached during the year. After year end, the company renegotiated
its mortgage facility with Barclays following revised covenants being agreed in line with expected future
trading and waiver of previous non ‐compliance with the terms of the facility, which in the current financial
market, have resulted in higher interest rate margins.
In June 2010 the group received funding from KPM ‐UK Taxis Plc discretionary pension fund of £0.85m which
has been utilised to repay the overdraft with HBOS. This loan is repayable annually in arrears over a 5 year
term and carries a fixed interest rate of 5%.
6. Financial instruments
The company has entered into an interest rate swap agreement, which fixes the interest on the mortgage
over the Coventry property at 5.12%. This agreement matures in 2023, and at 31 December 2009 the fair
value of the liability was £194,000 (2008: nil).
71
Notes to the Parent Company 
Financial Statements
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7. Share capital
2009 2008
£000 £000
Authorised
600,000,000 (2008 : 600,000,000) ordinary shares of 1p each 6,000 6,000
Alloted, called up and fully paid
302,050,200 (2008 : 302,050,200) ordinary shares of 1p each 3,021 3,021
On 10 October 2007 the company’s authorised share capital was increased from £563,069 to £6,000,000 by
creation of additional 543,693,060 ordinary shares of 1p ranking pari passu with existing shares. Furthermore
260,000,000 ordinary shares of 1p each were issued at a premium of 4p to effect the reverse takeover and
associated fund raising.
The company has established a share option scheme that entitles key management and senior employees to
purchase shares in the entity.
The company has established a scheme under the Enterprise Management Incentive (EMI) code (set out in
Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003). The options granted under the EMI scheme
may be exercised between three and ten years of the anniversary of the date of the grant, with all existing
share options vesting between October 2010 and October 2017.
Qualifying employees are invited to apply for the grant of a contingent right to acquire shares under the plan.
Subject to the rules of the Plan, options will enable employees to receive a number of eco city vehicles plc
ordinary shares three years after the Option is granted, subject to meeting any performance targets set by the
Remuneration Committee.
The company has also granted share options to two directors under the unapproved scheme. Those granted
under unapproved scheme may be exercised between three and ten years of the anniversary of the date of
the grant, with all existing share options due to vest in October 2010.
Eco City Vehicles Plc. Reports and Accounts 2009
Notes to the Parent Company 
Financial Statements
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 73 The number and weighted average exercise price of the Group’s entire share options are as follows:
Weighted Number of
average exercise options
price 2009 2009
Outstanding at the beginning of the year £0.05 4,605,000
Granted during the year - -
Forfeited during the year - -
Outstanding at the end of the year £0.05 4,605,000
Weighted Number of
average exercise options
price 2008 2008
Outstanding at the beginning of the year £0.05 4,755,000
Granted during the year
Forfeited during the year £0.05 150,000
Outstanding at the end of the year £0.05 4,605,000
The fair value of services received in return for share options granted are measured by reference
to the fair value of share options granted. The estimate of the fair value of the services is
measured on a Black ‐Scholes model in respect of the schemes using set assumptions.
8. Statement of movement on reserves
Share based payment reserve Share premium Retained earnings
£000 £000 £000
At 1 January 2008 3 1,922 (697)
Profit for the year - - 1,928
Share based payment 14 - -
At 31 December 2008 17 1,922 1,231
Loss for the year - - (274)
Share based payment 14 - -
At 31 December 2009 31 1,922 957
9. Reconciliation of movement in shareholders’ funds
2009 2008
£000 £000
(Loss)/profit for the year (274) 1,928
Share based payment 14 14
Net addition to shareholders' funds (260) 1,942
Opening shareholders' funds 6,191 4,249
5,931 6,191
73
Notes to the Parent Company 
Financial Statements
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10. Employees and employment cost
Employees
There were no employees apart from the directors. The remuneration of the Executive Directors is paid
through KPM ‐UK Taxis Plc, a subsidiary of eco city vehicles plc of which they are also directors.
Employment cost
2009 2008
£000 £000
Emoluments to Directors for qualifying services 108 115
The emoluments of the Executive Directors are paid through the companys’ subsidiary, KPM ‐UK Taxis Plc.
11. Capital commitments
The Company had no capital commitments at 31 December 2009 or 31 December 2008.
12. Related party transactions
During the year the company made arm length transactions with One80 Limited, the associate of subsidiary
company KPM ‐UK Taxis Plc. Sales during the period amounted to £127,000 (2008: £121,000). At year end the
net balance owed by One80 Limited to ECV Plc is £158,000 (2008: £32,000). These amounts are included
within the Parent Company Balance Sheet.
The Company has taken advantage of the exemption in Financial Reporting Standard No 8 from the
requirement to disclosure transactions with Group companies eliminated on consolidation.
13. Contingent liabilities
There are no material contingent liabilities at 31 December 2009 or 31 December 2008.
Eco City Vehicles Plc. Reports and Accounts 2009
Notes to the Parent Company 
Financial Statements
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Consolidated Five Year Record
15 months to
31 December
2009 2008 2007 2006 2005
£000 £000 £000 £000 £000
Revenue 24,672 19,026 41,668 27,268 27,766
Cost of sales (20,544) (14,928) (35,550) (23,299) (23,418)
Gross profit 4,128 4,098 6,118 3,969 4,348
Administrative expenses (4,717) (4,996) (6,097) (4,357) (4,132)
Other operating income
from continuing operations 661 318 1,129 663 700
Operating profit/(loss) before 
non ‐recurring items 72 (580) 1,150 275 916
Non ‐recurring items (207) - (3,982) (519) (1,097)
Operating loss (135) (580) (2,832) (244) (181)
Finance income 127 314 389 42 131
Finance costs (345) (347) (135) (119) (112)
Share of loss from equity accounted 
investments (40)(90)---
Loss before taxation (393) (703) (2,578) (321) (162)
Taxation 14 20 (6) 34 8
Loss for the period from 
continuing operations (379) (683) (2,584) (287) (154)
Loss for the year from discontinued 
activities (415) (564) (106) - -
Total comprehensive loss for the period (794) (1,247) (2,690) (287) (154)
Loss per share pence Pence Pence Pence Pence
Basic and diluted earnings per share
Loss from continuing operations (0.13) (0.23) (1.02) (0.12) -
Loss from discontinued operations (0.14) (0.19) (0.04) - -
Total loss per share (0.27) (0.42) (1.06) (0.12) -
Adjusted loss per share from 
continuing operations (0.06) (0.23) 0.55 
Notes to the consolidated income statement five year record
1. Information for 12 months ended 31 December 2009 and 31 December 2008, the 15 months ended 
31 December 2007 and the 12 months ended 30 September 2006 is presented under IFRS.
2. Information for the 12 months ended 30 September 2005 is presented under UK GAAP .
3. The five year record has been prepared on the same basis as the financial statements for the 12 months 
ended 31 December 2009, as set out in Note 1, Basis of preparation, of the consolidated financial 
statements. In particular, the principles of reverse acquisition accounting have been adopted.
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 76 Eco City Vehicles Plc. Reports and Accounts 2009 76
Notice of Annual General Meeting
of eco city vehicles plc
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Eco City Vehicles Plc will be held at Hemming
House, Hemming Street, London E1 5BL on 29 June 2010 at 11.00 am. You will be asked to consider and
vote on the resolutions below. Resolutions 1 to 6 will be proposed as ordinary resolutions and resolution 7
will be proposed as a special resolution.
Ordinary Business
1. Report and accounts
That the Accounts for the financial year ended 31 December 2009 together with the reports of the directors
and auditors be received.
2. Re-election of a Director
That Keith Marder, who retires by rotation, be re-elected as a director of the Company. 
3. Re-election of a Director
That Michael Troullis, who retires by rotation, be re-elected as a director of the Company.
4. Election of a Director
That David Trendle be elected a director of the Company.
5. Re-appointment of auditors
That Grant Thornton UK LLP be re-appointed as auditors to the Company to hold office until the conclusion of
the next annual general meeting and that the directors are authorised to fix the remuneration of the auditors.
6. Directors authority to allot shares
That, the directors be and they are generally and unconditionally authorised for the purposes of section 551
of the Companies Act 2006 (Act) to exercise all the powers of the Company to allot relevant securities 
(as defined below):
6.1
comprising equity securities (as defined in Section 560 of the Act) up to an aggregate nominal amount of
£2,013,668 (such amount to be reduced by the nominal amount of any Relevant Securities allotted under
paragraph 6.2 below in excess of £1,006,834) in connection with an offer by way of a rights issue to holders
of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings, but subject to
such exclusions or other arrangements as the Board may deem necessary or expedient in relation to fractional
entitlements, record dates, legal or practical problems in or under the laws of any territory or the
requirements of any regulatory body or stock exchange; and
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 77 77
6.2
in any other case, up to an aggregate nominal amount of £1,006,834 (such amount to be reduced by the
nominal amount of any equity securities allotted under paragraph 6.1 in excess of £1,006,834) provided that
(unless previously revoked, varied or renewed) this authority shall expire at the conclusion of the Company's
next annual general meeting save that the Company may before such expiry make an offer or enter into an
agreement which would or might require Relevant Securities to be allotted after such expiry and the directors
may allot Relevant Securities in pursuance of such offer or agreement as if the authority conferred hereby had
not expired.
This resolution revokes and replaces all unexercised authorities previously granted to the directors to allot
Relevant Securities but without prejudice to any allotment of shares or grant of rights already made, offered
or agreed to be made pursuant to such authorities.
For the purposes of this resolution, a "Relevant Security" is:
(a) a share in the Company other than a share allotted pursuant to:
(i) an employee share scheme (as defined by section 1166 of the 2006 Act);
(ii) a right to subscribe for a share or shares in the Company where the grant of the right itself 
constituted a Relevant Security under paragraph (b) below; or
(iii) a right to convert securities into a share or shares in the Company where the grant of the right itself 
constituted a Relevant Security under paragraph (b) below.
(b) any right to subscribe for or to convert any security into a share or shares in the Company other than a 
right to subscribe for or convert any security into a share or shares allotted pursuant to an employee 
share scheme (as defined by section 1166 of the 2006 Act).
References to the allotment of "Relevant Securities" in this resolution shall be construed accordingly.
Notice of Annual General Meeting
of eco city vehicles plc
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7. Directors' authority to disapply statutory pre-emption rights
That, subject to the passing of Resolution 6 the directors be and they are empowered pursuant to section 570
of the Act to allot equity securities (within the meaning of section 560 of the Act) wholly for cash pursuant to
the authority conferred by Resolution 6 above as if section 561(1) of the Act did not apply to any such
allotment, provided that this power shall be limited to the allotment of equity securities:
(a) in connection with an offer of such securities by way of rights to holders of ordinary shares in proportion 
(as nearly as may be practicable) to their respective holdings of such shares, but subject to such 
exclusions or other arrangements as the directors may deem necessary or expedient in relation to 
fractional entitlements or any legal or practical problems under the laws of any territory, or the
requirements of any regulatory body or stock exchange, and
(b) otherwise than pursuant to paragraph 7(a) above up to an aggregate nominal amount of £453,075;
and shall expire at the conclusion of the Company's next annual general meeting, save that the Company may
before such expiry make an offer or agreement which would or might require equity securities to be allotted
after such expiry and the directors may allot equity securities in pursuance of any such offer or agreement
notwithstanding that the power conferred by this resolution has expired. 
This resolution revokes and replaces all unexercised authorities previously granted to the directors to allot
equity securities but without prejudice to any allotment of shares or grant of rights already made, offered 
or agreed to be made pursuant to such authorities.
Eco City Vehicles Plc. Reports and Accounts 2009 78
Notice of Annual General Meeting
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Entitlement to attend and vote
1. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that
only those members registered on the Company's register of members at:
• 11.00 am on 27 June 2010; or
• if this meeting is adjourned, at 11.00 am on the day two days prior to the adjourned meeting,
shall be entitled to attend and vote at the meeting.
Appointment of proxies
2. If you are a member of the Company at the time set out in note 1 above, you are entitled to appoint a 
proxy (or proxies) to exercise all or any of your rights to attend, speak and vote at the meeting and you 
should have received a proxy form with this notice of meeting. You can only appoint a proxy using the 
procedures set out in these notes and the notes to the proxy form.
3. A member can appoint more than one proxy in relation to the meeting, provided that each proxy is 
appointed to exercise the rights attached to a different share(s) held by the member. To appoint more 
than one proxy you may photocopy the proxy form. Please indicate the proxy holder’s name and the 
number of shares in relation to which they are authorised to act as your proxy (which, in aggregate, 
should not exceed the number of shares held by you). Please also indicate if the proxy instruction is one 
of multiple instructions being given. All forms must be signed and should be returned together in the 
same envelope.
4. A proxy form which may be used to make this appointment and give proxy instructions accompanies this 
notice. You can only appoint a proxy using the procedures set out in these notes and the notes to the 
proxy form.
5. The appointment of a proxy will not prevent a member from subsequently attending and voting at the 
meeting in person, in which case any votes cast by the proxy will be excluded and your proxy 
appointment will automatically be terminated.
6. If you are not a member of the Company but you have been nominated by a member of the Company to 
enjoy information rights, you do not have a right to appoint any proxies under the procedures set out in 
this "Appointment of proxies" section. Please read the section "Nominated persons" below.
7. A proxy does not need to be a member of the Company but must attend the meeting to represent you. 
Details of how to appoint the Chairman of the meeting or another person as your proxy using the proxy 
form are set out in the notes to the proxy form. If you wish your proxy to speak on your behalf at the 
meeting you will need to appoint your own choice of proxy (not the Chairman) and give your instructions 
directly to them.
8. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of 
votes for or against the resolution. If you either select the "Discretionary" option or if no voting indication 
is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain 
from voting) as he or she thinks fit in relation to any other matter which is put before the meeting.
Notes to the Notice of Annual General Meeting
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9. The notes to the proxy form explain how to direct your proxy how to vote on each resolution or withhold 
their vote.
(a) completed and signed;
(b) sent or delivered to Computershare Investor Services Plc; and
(c) received by Computershare Investor Services Plc not less than 48 hours before the time for
the holding of the meeting.
In the case of a member which is a company, the proxy form must be executed under its common seal or
signed on its behalf by an officer of the company or an attorney for the company.
Any power of attorney or any other authority under which the proxy form is signed (or a duly certified copy of
such power or authority) must be included with the proxy form.
Appointment of proxy by joint members
10. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only 
the appointment submitted by the most senior holder will be accepted. Seniority is determined by the 
order in which the names of the joint holders appear in the Company's register of members in respect of 
the joint holding (the first ‐named being the most senior).
Changing proxy instructions
11. To change your proxy instructions simply submit a new proxy appointment using the methods set out 
above. Note that the cut ‐off time for receipt of proxy appointments (see above) also apply in relation to 
amended instructions; any amended proxy appointment received after the relevant cut ‐off time will 
be disregarded.
Where you have appointed a proxy using the hard ‐copy proxy form and would like to change the 
instructions using another hard ‐copy proxy form, please contact Computershare Investor Services Plc at 
The Pavilions, Bridgwater Road, Bristol BS13 8AE.
If you submit more than one valid proxy appointment, the appointment received last before the latest 
time for the receipt of proxies will take precedence.
Termination of proxy appointments
12. In order to revoke a proxy instruction you will need to inform the Company using the following method by
sending a signed hard copy notice clearly stating your intention to revoke your proxy appointment to
Computershare Investor Services Plc at The Pavilions, Bridgwater Road, Bristol BS13 8AE. In the case of a
member which is a company, the revocation notice must be executed under its common seal or signed on 
its behalf by an officer of the company or an attorney for the company. Any power of attorney or any 
other authority under which the revocation notice is signed (or a duly certified copy of such power or authority)
must be included with the revocation notice.
Notice of Annual General Meeting
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81
In either case, the revocation notice must be received by Computershare Investor Services Plc at The 
Pavilions, Bridgwater Road, Bristol BS13 8AE no later than 48 hours before the AGM is due to be held.
If you attempt to revoke your proxy appointment but the revocation is received after the time specified 
then, subject to the paragraph directly below, your proxy appointment will remain valid.
Appointment of a proxy does not preclude you from attending the meeting and voting in person. If you have
appointed a proxy and attend the meeting in person, your proxy appointment will automatically be terminated.
Corporate representatives
13. Any corporation which is a member can appoint one or more corporate representatives who may exercise 
on its behalf all of its powers as a member provided they do not do so in relation to the same shares. Any 
corporation which is a member can appoint one or more corporate representatives who may exercise on 
its behalf all of its powers as a member provided they do not do so in relation to the same shares. In order 
to facilitate voting by corporate representatives at the meeting, arrangements will be put in place at the 
meeting so that:
(a) if a corporate member has appointed the Chairman of the meeting as its corporate
representative with instructions to vote on a poll in accordance with the directions of all the other 
corporate representatives for that member at the meeting, then, on a poll, those corporate 
representatives will give voting directions to the Chairman and the Chairman will vote (or withhold 
a vote) as corporate representative in accordance with those directions; and
(b) if more than one corporate representative for the same corporate member attends the meeting but 
the corporate member has not appointed the Chairman of the meeting as its corporate 
representative, a designated corporate representative will be nominated, from those corporate 
representatives who attend, who will vote on a poll and the other corporate representatives will 
give voting directions to that designated corporate representative.
Corporate members are referred to the guidance issued by the Institute of Chartered Secretaries and
Administrators on proxies and corporate representatives ‐ www.icsa.org.uk ‐ for further details of this
procedure. The guidance includes a sample form of representation letter to appoint the Chairman as a
corporate representative as described in (a) above.
Issued shares and total voting rights
14. As at 6.00pm on 4th June 2010 (being the latest practicable date before the sending of this notice), the
Company's issued share capital comprised 302,050,200 ordinary shares of £0.01p each. Each ordinary 
share carries the right to one vote at a general meeting of the Company and, therefore, the total number 
of voting rights in the Company as at 6.00pm on 4th June 2010 is 302,050,502.
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 82 Nominated persons
15. If you are a person who has been nominated under section 146 of the Companies Act 2006 to enjoy 
information rights (Nominated Person):
(a) You may have a right under an agreement between you and the member of the Company who
has nominated you to have information rights (Relevant Member) to be appointed or to have
someone else appointed as a proxy for the meeting.
(b) If you either do not have such a right or if you have such a right but do not wish to exercise it,
you may have a right under an agreement between you and the Relevant Member to give
instructions to the Relevant Member as to the exercise of voting rights.
(c) Your main point of contact in terms of your investment in the Company remains the Relevant
Member (or, perhaps, your custodian or broker) and you should continue to contact them (and not the
Company) regarding any changes or queries relating to your personal details and your interest in the 
Company (including any administrative matters). The only exception to this is where the Company 
expressly requests a response from you.
Documents on display
16. The following documents will be available for inspection at Hemming House, Hemming Street, London E1 5BL
from 7th June 2010 until the time of the meeting and for at least 15 minutes prior to the meeting and 
during the meeting:
(a) Copies of the service contracts of executive directors of the Company.
(b) Copies of the letters of appointment of the non ‐executive directors of the Company.
Communication
20. Except as provided above, members who have general queries about the meeting should use the following
means of communication (no other methods of communication will be accepted):
(c) calling Mr S Ryder on 0207 377 2182; or
(d) by email to sryder@ecvplc.com
You may not use any electronic address provided either:
(e) in this notice of annual general meeting; or
(f) any related documents (including the chairman's letter and proxy form),
to communicate with the Company for any purposes other than those expressly stated.
Notice of Annual General Meeting
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Eco City Vehicles Plc. Reports and Accounts 2009 82
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Eco City Vehicles Plc ("The Company")
Annual General Meeting
Name 
Address 
Reference Details 
Before completing this form, please read the explanatory notes attached to the Notice.
I /We being a member of the Company appoint the Chairman of the meeting or (see note 3 to the AGM notice).
as my/our proxy to attend, speak and vote on my/our behalf at the Extraordinary General Meeting of the
Company to be held on 29 June 2010 at Hemming House, Hemming Street, London E1 5BL at 11am and at any
adjournment of the meeting.
I/We direct my/our proxy to vote on the following resolutions as set out in the notice of annual general
meeting dated 29th June 2010 as I/we have indicated by marking the appropriate box with an 'X'. If no
indication is given, my/our proxy will vote or abstain from voting at his or her discretion and I/we authorise
my/our proxy to vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is
properly put before the meeting.
Signature Date 
Resolution For Against Vote withheld Discretionary
Resolution 1
Resolution 2
Resolution 3
Resolution 4
Resolution 5
Resolution 6
Resolution 7
Proxy Form
4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 84 4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 85 4744 KPM Eco City Annual Report 2010 Brochure.qxp:Layout 1  06/06/2010  17:44  Page 86 Registered in England and Wales. Company registration number 04998151
eco city vehicles plc. Hemming House, Hemming Street, London E1 5BL
Tel: +44 (0)20 7377 2182  Fax: +44 (0)20 7375 2032  Email: info@ecvplc.com
www.ecocityvehicles.com
eco city vehicles plc
Report and Accounts
For the year ended 31st December 2009
Company 04998151
For vehicles that don’t 
cost the earth...
eco city vehicles plc Report and Accounts for the year ended 31st December 2009
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