What is the setting of the story and why is it important?

A setting of a story is important because it setup where the story is. For example, Little red riding hood takes place in the forest and at grandma house.

But your story setting is Laburnam Villa, somewhere in England, Around 1902. Things that are mentioned in the story but not shown directly are Maw and Meggins and India.

If you want more info about the setting please follow the source provided. I recommend reading it for full detail on the setting.