The global growth of makerspaces, focusing on STEM (Science, Technology, Engineering, Mathematics) disciplines, supports participatory child-centred learning and fosters essential skills in areas such as creativity, critical thinking, and collaboration. We argue that establishing a makerspace pedagogy in schools fosters children's engagement in digital/technological learning in a way that is in-keeping with the creative practices of the early years. This paper reports on findings from a research project that took place in one local authority in the north of England focusing on the educational implications of makerspace participation for young children and teachers. The project explored children and teacher engagement with a 'MakerBox' containing a story sack, language and maths activities and maker activities in 17 early years classrooms (Nursery and Reception). As a way of recording children's learning we devised the Makerspace Learning Assessment Framework (MLAF) based on the Characteristics of Effective Learning (CoEL). This framework has been developed as a way of supporting teachers to assess children's skills, knowledge and understanding when participating in makerspaces in a child-centred and holistic way. Through interviews with teachers, we explored their perception of the educational implications of makerspaces for children's learning and their own professional development. Our findings indicate that engagement in makerspaces enhances children's learning experiences as evidenced by the CoEL and positively impacts teachers' STEM knowledge and practice. We conclude that makerspaces offer an holistic, child-centred approach to learning and skill development, aligning with early years creative practice and teacher professional growth.