On rotten wood tiny red/orange pinhead globules not sure which one it is.
Caution: Do NOT use iSpot to identify fungi to eat!
Some fungi are very poisonous so a mistaken ID could have serious consequences.
No interactions present.
It looks very like this one, before the stalks have grown: http://www.ispot.org.uk/node/179697
Can you keep an eye on it and see if it grows stalks?
University of Edinburgh and Biodiversity Observatory (OU)
It is close to home and I was going to have a look over the weekend,so will add another more advanced photo of it.
Lat/Lng: 55.0585, -2.2131
OS grid ref: NY864737