Redeemable preference shares

Hi Chris, I hope you are doing well. I’ve a question from chapter Financial assets and financial liabilities. On 1/4/x7, a company issues 40,000 $1 redeemable preference shares with a coupon rate of 8% at par. They are redeemable at a large premium which gives them an effective finance cost of 12% p.a How these redeemable preference shares appear in SFP for years ending 31/3/x8 and 20x9? I’ve no problem doing the calculation but just a bit confused of how it is treated in the SFP. So, according to the answer 41,600 (20x8) and 43,392 (20x9) are both treated as non current liability. May I know why both years are treated as non current liability?