As the common name indicates this mushroom is very poisonous. It contains the same toxins as the Amanita phalloides Death Cap mushroom. Also, it can easily be mistaken for Kuehneromyces mutabilis.
It is not rare but not so common either. To be found on stumps and logs of broad-leaf trees. I discovered a little group on the Clifton side of the River Trent, Nottinghamshire. The striking feature for me is the striate and significant ring for such a delicate looking mushroom.
Characteristics: cap yellowish/tan up to 6.5 cm across. Gelatinous, slight umbo, smooth textured. Drying more yellowish. Gills concolorous with the cap, crowded. Stem also concolorous with the cap but darker tan below the ring. The stem being slender and equal and fibrous. The ring is superior, prominent, brown, striate/fibrous.
The odour is faint, mealy.
|Showing underside and the distinctive ring|
|Showing the cap|
It looks an innocent little mushroom, but clearly looks can be deceptive.
Thank you to Howard Williams for helping me to identify this mushroom.