If the freezer is going, you'll be gaining a lot of potential storage space. Do you need a hanging rod? What about a counter over the machines? A laundry room needs to function well before it can look good and I'd want to figure out storage in a way that everything has an easily accessible home. Is anything missing, functionally? Once that's all figured out, it's a matter of infusing the space with your favourite colours and whatever decor makes YOU smile. Bold or soft colours, it's all good. It's a small space so shouldn't take a fortune or forever to update as you wish.

Yes I would like a counter over the machines. I don’t know what to do with the cupboards. Take them down? Paint them? Put shelves up? What about the other wall? We’ve been looking at the room for over a year and we are stuck for ideas.
Hanging rod would be nice. I could use some storage for the paper products. The cupboards are too small to put the stuff inside.

Are the cupboards standard size? Surely something fits in them? If they're not practical for you, take them down and replace them with something that is (would a clothes rod be accessible there for you?). It can be open or closed storage. Really depends on your preference. I have both in mine. As to your options, it depends on your budget. You can go the DIY route and look into second hand cabinets, buy ready-to-assemble ones (e.g. Ikea, HD, etc.) or get custom ones from a cabinet company. If you keep them, they can be transformed in various ways from paint to wallpaper. Really depends on your imagination and needs. Inventory and measure what you need to store. Decide if you want open or closed storage for these options. Think about how you use the space and what you need for it. Walk through your steps on laundry day and you'll be able to figure out: where do you want to hang clothes to dry? Where do you want to fold them? Where do you iron? Do you want to keep the iron with the ironing board? Where's the best spot for the laundry detergent, bleach, etc.? What's working and what's not working in this space? That's always your starting point.

Here's a pic of appliances with a hanging rod and open storage above the machines. Check Houzz and Pinterest for more inspo pics.

ETA: Do you need laundry baskets in the room? Units like this one exist:

Measure the room carefully to see what type of ready-made shelving units could work in it. Home Depot and The Container Store have all sorts of storage units that can work beautifully in a laundry room.

I'll see what I can do about pics. In the meantime, I can describe it to you. It's bright white, about 5 x 8. Different set up than yours in that I have a window above my washer and a full wall facing the door (where you have a window). I have a white laminate counter on top of my appliances and two open shelves above my dryer. One lilac cabinet on the other wall with a short rod attached under it. A large basket under that for sheets, a smaller basket next to it for dust rags and microfiber cloths and then a lint basket at the door. Ironing board is hanging on that wall with the iron. The whole thing is pretty compact but I don't store anything that's not laundry-related.

What would you do with the other wall? It would depend on what I needed to store and how much space I had. Really, you have to ask yourself: What's working and what's not working in this space?

Here are some articles with tips and ideas that might help:

The Container Store - Laundry Tips

How to organize your laundry room

I got the first pic from this blog: Beautifully organized small laundry rooms

You can find loads more inspiration pics if you Google. Have fun! :)