No-treaty Royal Navy carrier development

Without naval treaties, how far ahead would the Royal Navy be in carriers by the 1940s, and where would it automate?

Courageous and Glorious likely do not survive as conversions; the Royal Navy probably iterates from Hermes toward larger purpose-built carriers.

The answer separates converted carriers from purpose-built carrier development. British files show little enthusiasm for keeping Courageous and Glorious as they were, while Hermes points toward a line of enlarged purpose-built designs. In a no-treaty world, that logic could produce new carrier classes every few years before settling on a larger successful type.