Villiers MK7 No compression

Hi all,

I got my hands on a 1959 Atco Four Stroke with a Villiers MK7 engine, it has no spark and no compression. There is no play in the valves but some pretty major play in the piston, this meaning my piston rings are buggered. So is the reason I have no compression at all due to the piston rings?

Thanks,

Henry.