As reported by Sky Sports News last week, Red Bull have overstepped last season's $145m cap by less than five per cent, although an exact figure has not been revealed by F1's governing body.

Red Bull are the only team to have exceeded the cap, with Aston Martin only having been found to have made a 'procedural' error.

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F1's governing FIA say its "Cost Cap Administration is currently determining the appropriate course of action to be taken under the financial regulations", but Sky Sports News understands the punishment is unlikely to be severe.

Red Bull say they have noted the findings with "surprise and disappointment".

"Our 2021 submission was below the cost cap limit," the team said. "So we need to carefully review the FIA's findings as our belief remains that the relevant costs are under the 2021 cost cap amount.

"Despite the conjecture and positioning of others, there is of course a process under the regulations with the FIA which we will respectfully follow while we consider all the options available to us."

A minor breach of the financial regulations could result in a financial penalty and/or minor sporting penalties.

The penalties listed by the FIA include a deduction of drivers' and constructors' championship points, which if applied could have an impact on the 2021 title battle between Max Verstappen and Lewis Hamilton, and a suspension.

Other, more realistic, penalties could be a reprimand, a limitation to conduct aerodynamic or other testing, and/or a reduction in that team's future cost cap limit.

The results were finally published on Monday following a delay amid intense speculation about which teams had failed to comply and by how much.

If Red Bull had committed a major, or 'material', breach of F1's financial regulations, a points deduction and an extraordinary stripping of Verstappen's title from last year would have been more likely.

The FIA said no "full formal investigations" were launched into the breaches due to it being the first year of the cost cap.

Aston Martin's breach, a procedural one, relates to the failure to fill in forms correctly. Williams were also found guilty of this and fined $25,000 earlier this year.

The first 'heavyweight' breach of F1's cost cap

It was heavily rumoured during the Singapore GP weekend that two teams had fallen foul of F1's budget cap, with the paddock convinced Red Bull and Aston Martin were the teams in question.

While Mercedes boss Toto Wolff said it was an "open secret" and demanded action, Red Bull and Aston Martin vehemently denied the accusations.

Christian Horner, Red Bull boss, called the claims "fictitious" and remained adamant about his team's innocence at the Japanese GP.

"We feel we've absolutely complied with the cost cap, with the regulations," he told Sky Sports F1. "We're happy with our submission and are waiting to hear what the feedback is."

Red Bull have yet to comment on being found in breach of the cost cap.

Red Bull's main rivals Mercedes and Ferrari have both called for "severe action" over any breach that could have had an impact on performance.

"The crucial part is that if you have been over in 2021, then you've been over in 2022 and that means you have an advantage into 2023," said Wolff. "If it's true that they formulated a lightweight chassis this year, they may use it the next year, so it's really a cascade of events that can influential on all of the three championships.

"This is heavyweight, it's massively heavyweight."

Hamilton, who lost out to Verstappen by just eight points in a fierce and incredible close title fight, argued ahead of the Japanese GP that the championship could have been decided by spending more money.

"What I can say is I remember last year in Silverstone we had our last upgrade and fortunately it was great and we could fight with it," Hamilton said, speaking ahead of this weekend's Japanese Grand Prix.

"But then we would see Red Bull every weekend or every other weekend bringing upgrades. They had, I think, at least four more upgrades from that point.

"If we spent £300,000 on a new floor, or adapted a wing, it would have changed the outcome of the championship naturally because we would have been in better competition in the next race if you add it on.

"So, I hope that that's not the case. I do believe Mohammed [Ben Sulayem, FIA president] and the FIA will do what is right with whatever they find out."

Brundle: Cost cap needs tightening up | FIA needs to 'crackdown hard'

After the breach by Red Bull was announced, Sky Sports' Martin Brundle called for the FIA to be "rigid" in its decision-making and "crackdown hard" to ensure that the regulations can be successful for the future.

"What seems absolutely crazy to me is that a minor breach can be up to five per cent overspend on the cost cap, that is seven million and we know that is a massive upgrade on a car, maybe even a B-spec for some teams," Brundle told Any Driven Monday.

"So, that needs tightening up for starters because what is the point in having £140m, whatever the number ends up being, and then having this five per cent variant.

"I am assuming that the FIA will have to crackdown hard on any minor breaches but it looks like it could be a reprimand or a fine, will they want to revisit points, will it be manufacturers' points or driver's points for 2021?

"Other teams are saying, 'well look, this gives you a head start into 2022, the car is carried over to 2023 so this is a big advantage'.

"I think the cost cap system is brilliant in terms of, it has been a cornerstone of why Formula One has been a better place than, in my view, it has ever been.

"We need clarity and it needs to be rigid and a five per cent variance is way too much.

"It has got to be made clear that you stick to the cost cap or just under it or it is going to hurt."