I found a bike (in a bush) and was tempted to take it as it appeared abandoned.
Then I thought I should take it to the police as it may have been stolen.
Is it still true that after a period of time, if the bike isn't claimed from the Police by the owner, I can keep it? Is that how the lost and found system still works?
yes.
take it to the station after taking a few pics where it lays
make sure you take a pic of impressed number on bottom of frame
after 3 months they'll ring you to collect
but sometimes they dont even want to take it cos they got so many and will tell you to take it home, truly