Why Britain might reject a postwar naval treaty

Why would Britain refuse a naval treaty after an alternate World War I in which it lost no ships?

Britain would retain its ships, battlecruisers, and personnel, giving it a material advantage that a limitation treaty would ask it to surrender.

The hypothetical Britain emerges from World War I without losing a ship. Its surviving battlecruisers and personnel preserve a substantial material advantage. It could still dispose of unwanted vessels, but it would have less reason to negotiate away the advantage it already held. The predicted refusal follows from that unusually favorable fleet position.