If you have verified that you have spark, that leaves compression and fuel.
If your valve clearances are set, the most likely thing you're missing is fuel. You can verify this by checking the plug. If it's dry, you're not getting fuel to that cylinder. Check float height and float valve operation and make sure the jets are clear for the carburetor that feeds that cylinder. If the plug is wet, then you're getting fuel.
If you're sure you're getting a strong, properly-timed spark, and fuel, I would check the valves again and verify by checking compression in that cylinder. Just eliminate things one at a time and you'll get it.