This is a flax wheel. Made for spinning fine yarn fast.
The big hole in the middle of the table would hold a water bowl for the flax, and the little hole would have a distaff.
It looks like it's been well-loved and well used over the years. You can see the leg was replaced and it's missing a maiden. Otherwse, with a bit of oil and leather, the wheel can easily be made fully functional again.
Looking at the way it was built (turnings on the wood, style, and the flyer shaft), I'm going to guess late 19th Century.