Strip everything apart in the powerhead and start at the beginning.
Assemble the cases with the crank/rod and piston etc. (well worth using a good sealant on the case halves to get a really good seal at this point) check to make sure this sufficient "end float" in the crank and that it all rotates smoothly.
Next check the connection of the head to block. (did you use a brand new gasket or are you re-using the old gasket?)
As per STELIOS's reply, the cylinder base gasket should have an area at the top of the cylinder area (transfer port). this should not be covered over with any part of the gasket material. if it is blocked in any way, the fuel/oil mixture cannot get into the combustion chamber to get burned?
Reassemble the crankcases and block/head.
Double check everything on the fuel side again. Little trick i use is drop the float bowl off (villiers carb) or undo the fuel line at the bottom of the carb (amal carb) and then turn on the fuel. if it runs out the bottom you know you've got fuel flow (but is it getting into the carb?) This is where it needs to be clean.
Even the slightest little blockage in a carb jet will prevent any fuel getting through. Check also that the little filter in the banjo joint isn't blocked as this will also stop the fuel getting through.
If your motor has a spark and fuel is getting to the right places then it should run.( it has to)
Try and start it out of water first as it will make things a bit easier. You can safely do this for about 30 secs. at a moderate throttle setting but no more.
Try again and report back
jon