If it was anything serious it would be having a serious effect on your braking. You could flip the bonnet up and check the fluid level in your resevoir. Is the brake pedal rock hard with the motor running? I would bet it is just a wheel sensor though. You will have one on each hub.
Front two are different to the rear two, although they aren't handed. Easy to replace. Only problem you might have to clean the rust from the CV joint that goes in the knuckle as that will be what destroyed end of the sensor in the first place. Also, the small retaining bolt can be rusted in and the head rounded off. I can almost guarantee it will be the one of the front sensors. Yes, I think it is an MOT failure if the ABS light is on.