If you definitely want noise- cancelling.... don't know. But the Shure E2C sound isolating earphones are very good and should be available in that sort of price range.
Wife is very impressed with the Sennheiser PXC 350 she got for our flight to USA in the summer. They were £90 from Play back in April, slight more than your budget though
Part of the pleasure of buying new headphones was all the reasearch for me. Particularly important with headphones as you can't really audition most of them like you would for hi-fi. This is a good place to start Head-Fi.org - Headphone forums and reviews for audiophiles
After ages enjoying gettin my head spun from endless reviews and tech info I ended up going for a pair of Klipsch Customs 2's after a recommendation on here. As I use them for listening to music on a sansa clip and not home hi-fi comfort and durabilty was as much a consideration as sound quality. For home hi-fi listening I have a pair of old AKG K240's still going strong which i bought years and years ago. I'm very happy with both.
I have a pair of Sennheiser PCX 250-11 with Noisegard, very nice, lightweight, perfect for commuting. Not 100% block out, but a fraction of the size (and price) of those monsters that totally kill all other sounds,