Basically, I assembled 2 Billy Bookcases, 1 Billy Wall Shelf, 1 Smadal TV Console from IKEA and attached them to the wall up against a section of beadboard forming an inverted "U" shape. I also attached the bookshelves to the wall shelf for added stability. I left the TV stand free and just pushed it against the wall (as a bench and shoe storage) so that I could remove it to sweep under it. I did reinforce the TV stand with some metal L brackets to support the weight of my kids sitting (and standing and jumping) on it.
Where the shelves met the wall, I added quarter round trim and added corbels under the wall shelf for architectural interest. I also added crown molding along the tops of the shelves.
I had paint color matched and painted all the trim, beadboard and crown molding "Ikea White" (which is actually more of a cream color)
Lastly I added coat hooks and my mudroom built in was complete.
Total cost (shelves, hardware, paint, hooks): $309