At the time, it suited the UK to execute the bilateral naval agreement with Germany, itself a violation of Versailles. It was the view of the RN that a balanced German fleet, vice a submarine/commerce raider fleet, would be the least threatening to itself and the empire.
The early Kriegsmarine plan was simply to build to the new 35% limits as quickly as possible. Carriers were simply a category for which they were authorized. The designs were all for operating in North Sea conditions. There was no strategy in the books, except for the c.1920 plan written by Adm Wegener to seize Norwegian bases to outflank the Atlantic approaches. The Baltic also became, by default, a German sea. The later Plan Z, approved in 1939, was stillborn because of the premise of no war before 1944.