The bit that was confusing me was the 'within a period of 12 months before renewal' which, if taken literally, has already happened - it's in the past!
"Renewal" is the action taken to place an entry in Section XII Certificate of Revalidation. The cerificate has expired, but renewal has not yet occurred! As you still have it listed in XII ratings, certificates and privileges, then no CAA action is required. The thing to be aware of is that should any CAA licensing action be needed before you renew the FI, then it will be removed from the licence and placed on the back, then you will have to pay to have it renewed by the CAA.