It looks very similar to a toy I had as a child. It was plastic not wood, but you had differnt length yellow bars with holes in them, and blue plastic nuts and bolts to attach them together. There were a few blue wheels, some big red boxes to build things around, and a spanner for tightening the bolts.
You could build all kinds of things, from a table and chair, to a push along car, to a toolbox for storing all the pieces in. All at a scale where you could actually use your creations.

I can't remember what it was called, and a cursory Google hasn't found anything similar. I don't suppose its still being manufactured.