Team principal Christian Horner has denied rumours that Red Bull had exceeded their Formula One 2021 budget and could face sanctions saying on Friday “our submission was below the cap”.

Speculation was swirling around the paddock before Friday’s practice for the Singapore Grand Prix that two of the 10 teams on the grid had blown the $145 million budget cap and could be punished by governing body FIA.

Fingers were pointing at Red Bull, who were rumoured to have exceeded cost limits by introducing parts upgrades as they propelled Max Verstappen to his maiden world championship.

Horner told Sky Sports F1 that he believed in the FIA’s process, with the governing body’s findings due to be published next week and teams certified as to their compliance.

“The accounts were all submitted to the FIA way back in March and we are in that process as we speak,” Horner said at the Marina Bay Circuit.

“They are rightly following that process and mid-next week is when they declare their certificates.

“Our submission was below the cap and it is for the FIA to follow their process which they are currently doing.”

The cap was introduced for the first time last season.

“It is a brand new set of regulations so how rules are interpreted and applied are going to be subjective and as the years go by things will get tidied up,” said Horner.

The FIA’s report will be released next week with a range of punishments including fines and championship points deductions at the FIA’s disposal, depending on the magnitude of any budget cap breach.

“We are confident in our submission,” said Horner. “There are always going to be rumours.”