The Plot thickens with me stripping the carby down and finding it to be spotlessly clean inside. All parts were nevertheless removed blown out and reassembled. I have now noticed that again I have no spark as I've cranked the engine over with one hand while touching the top of the plug with no electrical pulses what so ever. So it looks like I'm going to source another condenser from John at Rustic Spares and see what prevails.
I have recently been given a 415 HOV-2 Villiers overhead valve motor which has exactly the same magneto / flywheel set up and exactly the same problem of no spark at all. I'll have to say I'm not too sure if the OHV set up makes the 415 a better engine, but regardless the 412-H2 is the one that will be the weapon of choice as it's the original engine and must remain as part of the Scott Bonnar heritage.
Cheers,
BB