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Motherboard MS 6541 Ver 2.1 Not Startiing

Hi,

I have a Compaq desktop computer which has been running for about 16 years (since 2004); and is not connected to the internet .
The computer runs Windows XP; and is used solely for running an American hairdressing salon program called " Elite ".
I have deliberately never "updated" WindowsXP; and therefore never had problems, until now; (and I believe that the problem lies on the motherboard or PSU, But I am unable to trace it)
The Motherboard is marked: MS 6541 Ver 2.1
This system has suddenly stopped running, not even switching on, but there are two LEDs on the motherboard which are permanently on the moment power is applied:
They are marked: " PS_ON LED "

Do these LEDs indicate a fault?

I have tried another identical PSU on this board, with the same results - no power besides the two LEDs.

'Any ideas ...?