engine not working

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I was on my way to Rotherham A163, doing less than 50 mph then I heard this noise like a branch getting dragged by the axel then engine cuts out so I managed to coast into a layby, tried to start it and engine seems to crank really fast but no compression, so im thinking timing belt snapped what do you guys think, but my mate thinks the valves are still moving?, first time anything has gone wrong with it, rac were also good only had to wait an hour for them to bring me back home.im ready for diagnosis chaps lets ave em lol. 1998, 993cc E.F.I.UPDATE I have since took timing belt cover off and belt is fine also took rocker cover off and everything looks ok, my next mission is to take sump off to see if there is any bits of metal or timing chain comes out, failing that I will be looking for another engine,1998, 993cc E.F.I low mileage with no head gasket problems, can anyone help please, thank you