The power pick up on this version is that the loco chassis is live to rail one side, the tender live to rail the other side. The red wire in the photo is the connection from the loco to the insulated brush connection on the motor. The other brush is connected via the motor body construction to the live side of the tender.
One possibility, if you removed all the coupling rods and took the coupled wheels out of the chassis, they will go back in wrong way round, then there is either no circuit or a dead short on the loco. (I don't think it is possible to get the wheels wrong way around in the tender, but it is an age since I last looked at one of these!)
Old Hornby diagrams here, in case that's helpful, look at 91 and 91A for a start, then follow on to the tender diagrams.
One possibility, if you removed all the coupling rods and took the coupled wheels out of the chassis, they will go back in wrong way round, then there is either no circuit or a dead short on the loco. (I don't think it is possible to get the wheels wrong way around in the tender, but it is an age since I last looked at one of these!)
Old Hornby diagrams here, in case that's helpful, look at 91 and 91A for a start, then follow on to the tender diagrams.