“no costs are awarded” may not be entirely correct.
I should have said no legal costs. The other side can’t spend £350,000 on represention and claim it back so it’s pretty low risk.
https://www.moneysavingexpert.com/reclaim/small-claims-court
Expenses can be awarded against you if you lose
You shouldn’t have the other party’s lawyer’s fees awarded against you – but you could find yourself paying certain expenses of theirs if you lose, and you won’t get the court fees back. You’ll have to pay within 14 days of the hearing, but you can ask for more time to pay the costs and anything else by instalments once the court has seen full details of your income, expenses, assets and liabilities. You could end up paying:
£90/day For loss of earnings or leave to attend a hearing, plus reasonable travelling expenses for each of the other side and any necessary witnesses they take along to court.
£750 If the judge gave them permission to get evidence from an expert, eg, having to get an expert to inspect a sofa for a fault.