Think of your coins as in the blockchain and under your control with your private keys. As for the Ledger, yes all you essentially need are the words in correct sequence. A quote from the site:
"The 24 words you copied on your Recovery sheet when you first handled your device is your backup. These 24 words are your "seed", which is like a passphrase that generates all your public and private addresses."
There's some fairly basic but handy information from their site on that link!