Notes to the financial statements

for the year ended 31 March 2012

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22 Net debt

Consolidated
Notes 2012
£’000
2011
£’000
Cash 5,326 3,531
Short-term deposits 3,007 3,004
Cash and cash equivalents 8,333 6,535
Borrowings 21 (83,464) (88,004)
Finance leases 23 (136) (527)
Total net debt (75,267) (81,996)

Cash and cash equivalents, which are presented as a single class of assets on the face of the balance sheet, comprise cash at bank, short-term deposits and other short-term highly liquid investments with maturity of three months or less.

Amounts held in short-term deposits represent sums receivable from a customer that are required to be held in an Escrow account as security during the build stage of the network build Contract. They can only be withdrawn by the customer if the Group fails to deliver against specific contractual requirements after the Group has been given time to remedy such failure. This amount has been released from Escrow after the year end.