What you describe seems to be the standard way to wire a ceiling rose except there should be green and yellow sleeving on the earth wires.
However the IET recommends domestic electrical systems should be tested on change of occupant or every 10 years which ever is shorter.
The cable used in 1912 was cotton covered with lead outer as earth so it will not be 100 years old. Up to around 1960 there were no earths on the lights so likely post 1960.
In around 2004 the colours changed so pre-2004.
Today lights are in the main RCD protected and the fuse went out in about 1985 most houses now have MCB's so since you say tripped I will guess 1985 to 2004 at last re-wire. But to work out if it needs work can't be done on a forum you need to call an electrician to inspect and test. It is unlikely to meet today's standards but the report will have three categories. Which mean basically "Very dangerous do not use", "Danger very likely get fixed as soon as possible" or "OK to use but if you want to extend in any way likely it will need all upgrading first" lastly there is pass all OK but unlikely you will get that.
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