Net debt

Notes30 November
2014
£m
1 December
2013
£m
Current assets
Cash and cash equivalents3.976.3110.5
Current liabilities 
Borrowings4.2(4.4)(3.3)
Obligations under finance leases4.3(26.5)(25.0)
  (30.9)(28.3)
Non-current liabilities 
Borrowings4.2(2.3)(6.2)
Obligations under finance leases4.3(142.5)(126.9)
  (144.8)(133.1)
Total net debt(99.4)(50.9)

Net cash is £31.4 million (2013: £61.8 million), excluding finance lease obligations of £130.8 million (2013: £112.7 million) payable to MHE JV Co, a joint venture company. £2.3 million (2013: £1.7 million) of the Group's cash and cash equivalents are considered to be restricted and are not available to circulate within the Group on demand. For more information see Note 3.9.

Reconciliation of net cash flow to movement in net debt

30 November
2014
£m
1 December
2013
£m
Net (decrease)/increase in cash and cash equivalents(34.2)20.9
Net decrease in debt and lease financing33.424.1
Non-cash movements: 
— Assets acquired under finance lease(47.7)(122.4)
— Debt settled by third party85.3
— Net movement in arrangement fees charged against loans(3.6)
Movement in net debt in the period(48.5)4.3
Opening net debt(50.9)(55.2)
Closing net debt(99.4)(50.9)