Electricians please?

I've just been pulling woodchip off the walls on my stairs and knocked the old light fitting off (ooops) it looks to be from the 20/30's. Can I just cut the old wires off and fill the hole or do I need to fit a new light in the same place? There are 2 wires (one red and one black) both go into the light fitting and 2 white ones come out then go back in again... Does this make sense?