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In contrast to strongly frustrated classical systems, their quantum counterparts typically have a non-degenerate ground state. A counterexample is the celebrated Heisenberg sawtooth spin chain with ferromagnetic zigzag bonds $J_1$ and competing antiferromagnetic basal bonds $J_2$. At a quantum phase transition point $|J_2/J_1|=1/2$, this model exhibits a flat one-magnon excitation band leading to a massively degenerate ground-state manifold which results in a large residual entropy. Thus, for the spin-half model, the residual entropy amounts to exactly one half of its maximum value $\lim_{T\to\infty} S(T)/N = \ln2$. In the present paper we study in detail the role of the spin quantum number $s$ and the magnetic field $H$ in the parameter region around the transition (flat-band) point. For that we use full exact diagonalization up to $N=20$ lattice sites and the finite-temperature Lanczos method up to $N=36$ sites to calculate the density of states as well as the temperature dependence of the specific heat, the entropy and the susceptibility. The study of chain lengths up to $N=36$ allows a careful finite-size analysis. At the flat-band point we find extremely small finite-size effects for spin $s=1/2$, i.e., the numerical data virtually correspond to the thermodynamic limit. In all other cases the finite-size effects are still small and become visible at very low temperatures. In a sizeable parameter region around the flat-band point the former massively degenerate ground-state manifold acts as a large manifold of low-lying excitations leading to extraordinary thermodynamic properties at the transition point as well as in its vicinity such as an additional low-temperature maximum in the specific heat. Moreover, there is a very strong influence of the magnetic field on the low-temperature thermodynamics including an enhanced magnetocaloric effect.