BTW the signal in question is P864.
I really appreciate fellow posters taking the time to answer my question!
But knowing why the signal never shows a red aspect was what I was all I really wanted know!
Hi-tech reason your signal never shows a red aspect - is - because - it doesn't have one - so - it can't show red. Horribly simple really.
All the discussion of distants, repeaters, co-acting and banner repeaters is kind of relevant - but a little confusing with regard to your initial question.
To try to clarify...
In normal UK "mainline" practice a Red Stop Signal - with the exception of Buffer Stop Lamps * - is never normally approached without the approaching movement first sighting a warning Yellow/Caution Indication. This Yellow is always placed at the Standard Braking Distance from the first Red signal that the movement will approach - except when it can't be placed there - when other arrangements will be introduced.
Therefore - as directly relevant to your original question as I can be - the signal never shows Red because that is not it's purpose. It is not a signal that indicates Stop" - it only indicates a warning (at a set distance) that the next signal is at Red at the time the Yellow is sighted. - When the Y/G signal is showing Green things get a bit more complicated depending on whether the signal is part of an Absolute Block, Intermediate Block or Track Circuit Block signalled area. (You want that explained?)
Therefore, whether they are called Distants or Repeaters a Y/G only signal gives indications of what is going on at the next Red capable signal beyond it.
In current practice there is some standardisation gradually occurring. Distant Signals (Identified by a white triangle above the signal number) occur in Absolute Block Areas. Repeater Signals (Identified by an R after the signal number - which is the same number as the Stop/Red capable signal beyond it) occur in Track Circuit Block Areas.
Terminology and application have developed over several decades and have varied both by location and time. So - you will simply get different responses according to date and place.
Just to generate a whole new complication some colour light signals now get a triangle over the number and the letter R after the number. I have asked people I know that currently design signalling schemes for network Rail - and - because they haven't worked on schemes that have this "double" marking they can only guess at what it means - it seems possible that it is used where a Y/G signal co-acts (in sequence with) a R/Proceed Aspect signal beyond it - i.e. it is on the same lever/control.
Having raised "co-acting". A Co-acting Signal" suffixed "CA" is an identical arm or head that is placed either directly below or directly across the track (usually in a 6ft way at low/ground level) that always shows exactly the same aspect as the main signal - except when there is a fault - in which case the combination is a "wrong Aspect" which means STOP.
A Banner Repeater is NOT a signal. It is a Banner Repeater. It repeats the indication of only the signal to which it applies and is there to provide the required sighting conditions of the signal.
From an historical point of view the whole business of outlying signals giving warning of what subsequent signals indicated started with Auxiliary Signals (in the original usage of the term c 1850s (ish) ).
* Buffer Stop Lamps are not technically signals in the conventional sense - although they do somewhat indicate "Stop". In older practice the last indication before a dead end could be a green aspect - and train crew were expected to know that they were coming to the end of the line. In more recent times Colour Light signals have shown a Yellow - in an R/Y head on the last signal on approach to the dead end. In recent practice Buffer Stop Lights are getting signal id numbers on them. This is because they are being "proved" in the circuitry that controls the aspect of the signal on the approach to them. (So that - if the Buffer Stop Lamp fails the signal on the approach will not be able to clear from Red - so the train crew will have to be talked by).
I hope this succeeds in clarifying the issue. (Apart from what occurs when the full Standard Braking Distance isn't possible

)
(I guess that I shouldn't mention "Fog Repeaters" that exist on the London Underground...)(They don't exist on ""Real Railways"" :-0