REGISTERED NUMBER: 14121045 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

UDEMY UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Lefave

B O'Shea

REGISTERED OFFICE:

4th Floor, St. James House

St. James Square

Cheltenham

GL50 3PR

REGISTERED NUMBER:

14121045 (England and Wales)

AUDITORS:

Mark Arber Limited

71-75 Shelton Street

Covent Garden

London

WC2H 9JQ

FIXED ASSETS

Tangible assets

4

19,338

2,364

CURRENT ASSETS

Debtors

5

378,410

357,536

Cash at bank

608,977

530,722

987,387

888,258

CREDITORS

Amounts falling due within one year

6

501,996

496,975

NET CURRENT ASSETS

485,391

391,283

TOTAL ASSETS LESS CURRENT LIABILITIES

504,729

393,647

CAPITAL AND RESERVES

Called up share capital

100

100

Share based payments reserve

822,466

708,370

Retained earnings

(317,837

)

(314,823

)

504,729

393,647

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

J Lefave - Director

1.	STATUTORY INFORMATION

Udemy UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Computer equipment - 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going Concern

The directors have sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Share based payments

The Company operates a number of equity-settled, share-based compensation plans, under which the Company receives services from employees as consideration for equity instruments of its Parent Company. Stock-based awards include stock options, restricted stock units ("RSUs") and stock purchase rights granted to employees under the Employee Stock Purchase Plan ("ESPP ").The awards are granted by its Parent Company and the Company has no obligation to settle the awards. The fair value of any share-based compensation award is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the award on the date of grant:

- including any market performance conditions (for example, an entity's share price);

- excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets, and remaining an employee of the entity over a specified time period); and

- including the impact of any non-vesting conditions (for example, the requirement for employees to save towards any Employee Stock Purchase Program). Non-market performance and service conditions are included in assumptions about the number of awards that are expected to vest.

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The company has taken the exemption provided in FRS Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

Cost

At 1 January 2025

5,672

Additions

24,255

At 31 December 2025

29,927

Depreciation

At 1 January 2025

3,308

Charge for year

7,281

At 31 December 2025

10,589

Net book value

At 31 December 2025

19,338

At 31 December 2024

2,364

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

252,048

198,739

Other debtors

53,649

5,050

Deposits

10,000

-

VAT

25,358

40,350

Prepayments

37,355

113,397

378,410

357,536

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

48,592

56,025

Corporation tax

47,340

84,112

Deferred tax

610

591

Other creditors

90,625

114,002

Credit card

10,890

9,930

Accruals and deferred income

303,939

232,315

501,996

496,975

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Arber (Senior Statutory Auditor)

for and on behalf of Mark Arber Limited

8.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,029 (2024: £68,624). Contributions totalling £16,897 (2024: £nil) were payable to the fund at the reporting date and are included in creditors.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	POST BALANCE SHEET EVENTS

On December 17, 2025, the Company's Parent, Udemy, Inc., entered into a definitive merger agreement with Coursera, Inc.

On May 11, 2026, the merger was successfully completed following the receipt of all necessary shareholder and regulatory approvals. As a result, Udemy, Inc. has become a wholly-owned subsidiary of Coursera, Inc., a company incorporated in Delaware and listed on the New York Stock Exchange.

This is a non-adjusting event. There is no impact on the carrying value of the Company's assets or liabilities at the balance sheet date. The Company continues to operate as a service provider within the newly enlarged Coursera group.

11.	ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of Udemy, Inc. The ultimate parent undertaking and controlling party is Coursera, Inc., a company incorporated in the United States of America.

The smallest group in which the results of the Company are consolidated is that headed by Coursera Inc. The registered office of Coursera Inc. is 251 Little Falls Drive, Wilmington, Delaware 19808, United States.