Yes, most simply put that is the basic nuts of it, but in its most basic format it only relates when you (1) been asked to account for something (2) you refuse to answer (3) you later raise a defence which the courts believe you could have reasonably been expected to explain during formal interviews.
Example: Suspected burglar interviewed and asked to account where he was during relevant time and answers no-comment. Later goes to court and tells Judge that he was at his girlfriends house all night. Court can draw an inference and may not believe accused as he could have made his GF, tell the police he was with her all night. The accused later relied on a 'defence' that could have reasonably been expected to have been explained during interview at which time police could have interviewed GF, prior to accused getting to her.
Special Warning issued during interviews are only available on certain occasions, one such example is when found at or near the scene and suspect refuses to answer question to account why there, a SW is issued and further refusal to answer can result in a proper inference being drawn at court.
I wouldn't worry to much about this issue of the no-comment interview now as (1) it's already happened and (2) your solicitor will know what to do.