From Jon Summers:

"Showing HMS Queen Elizabeth, Barham, Revenge, Hermes, Princess Margaret, Malaya, H57 etc:- HMS Hermes was only recently completed at this time, and this photo probably shows her on her trials. "H57" is HMS Spindrift, an Admiralty S class destroyer, launched by Fairfield, Govan, on 30 Dec 1918, and sold to Ward, Inverkeithing, for breaking in Jul 1936. On the opposite side of the photo is an unidentified "C" class cruiser of the "Ceres" type, either HMS Ceres, Cardiff, Coventry, Curacoa or Curlew. HMS Curacao was with the Atlantic Fleet at this time, but some of the others were in the Med, and may have returned to home waters for the review."