First, he has to prove you stole the bike. Which is hard seeing as how you don't have the bike.
If he starts blaming you for it simply tell him that you feel for him since your phone was stolen at the same party and you think one of the guests is a thief.
you could offer to buy them a new bike, and how does he know you stole it?
i mean, unless he can provide proof ya know. And really stealing a bike is a small crime. (not trying encourage you to do it again) You might have to pay for the man's bike, maybe a little jail time, permanant records and stuff. I don't think it would be too bad, but i would avoid it and act like you felt sorry for the man, so you replaced his bike out of the goodness of your heart.
well you're in the UK so probably nothing, or very little at least, maybe a slap on the wrist or a caution, at most a fine and few hours of community service, which I overheard some chavs saying is actually quite fun. The UK seems to be very lenient towards criminals, it's why society is going downhill so rapidly, be thankful you're not living in America..or worse still, a country that would cut off both your hands for doing this.
do ur parents know?
first of all tell them
then return the bike and tell them ur sorry and how it was wrong of u to do that
then they will understand and wont tell the police
oh crap u sold it!
well give them money for a new bike or they will call the cops
just give them the money for a new bike