This is correct, but just to make it clear:Red and Blue are Live and Neutral, use to power the receiver.
The Yellow is the switched live and should go to L1
You then need a short wire link to connect the Red live across into the LX terminal.
The Earth wire is unused and should be made safe so it can't come into contact with any of the other wires.
(When the thermostat is calling for heat, LX is switched through to make L1 live which fires up the boiler and pump via the Yellow)
Old - Colour - New
1 ----- Red --- L
2 ---- Yellow - L1
3 ---- Gn/Yel - Not used; make safe, e.g a terminal block.
4 ---- Blue --- N
But it looks like this is live and neutral IN
Also, link L to Lx.
But atm red and blue are not connected the Live and Neutral at the boiler end they are connected to
5 = Blue neutral
4 = Yellow
3 = Red live
2 = Earth