Notes30 November
2014
£m
1 December
2013
£m
Current liabilities
Borrowings4.43.3
Obligations under finance leases4.326.525.0
  30.928.3
Non-current liabilities
Borrowings2.36.2
Obligations under finance leases4.3142.5126.9
  144.8133.1
Total borrowings and finance leases 175.7161.4

Borrowings

Less than
one year
£m
Between one
year and
two years
£m
Between two
years and
five years
£m
Total
£m
As at 1 December 2013
Secured loans3.34.02.29.5
Total borrowings3.34.02.29.5
As at 30 November 2014
Secured loans4.41.80.56.7
Total borrowings4.41.80.56.7

The secured loans outstanding at period end can be analysed as follows:

Principal amount
£m
InceptionSecured overCurrent
interest rate
Instalment
frequency
Final
payment due
Carrying
amount as at
30 November
2014
£m
Carrying
amount as at
1 December
2013
£m
8.0May 07Property, plant and equipmentClearing bank base rate + 3.0%QuarterlyFeb 150.82.4
1.5Dec 06Freehold propertyLIBOR + 2.75%QuarterlyFeb 150.40.5
1.5Feb 09Freehold propertyLIBOR + 2.75%QuarterlyFeb 150.60.8
2.8Dec 09Freehold propertyLIBOR + 2.75%QuarterlyDec 151.51.7
2.6July 12Freehold propertyLIBOR + 2.75%QuarterlyJuly 151.92.2
2.5July 12Property, plant
and equipment
9.12%MonthlyJuly 171.51.9
      6.79.5
Disclosed as:
Current4.43.3
Non-current2.36.2
      6.79.5

‡ Calculated as the effective interest rate, the calculation of which includes an optional balloon payment at the end of the term.

During the year a three-year £100 million revolving credit facility was entered into with Barclays, HSBC, RBS and Santander. As at 30 November 2014 the facility remains unutilised. The facility contains restrictions concerning dividend payments and additional debt and leases.