Yes it should be fine to remove the existing ceiling rose and connect the red to brown and black to blue of LED fitting, the earth cable should then be placed in a connector block, try to avoid stuffing it up in the ceiling, even though the new fitting is double insulated and does not require an earth. The earth is still an important conductor, for measuring Zs and fault finding. So use a small connector and place it safely inside the enclosure of the new fitting.
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